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4 Jun 2015
EUR/USD forecast: what’s the sentiment today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD keeps the trade in the upper 1.1200s so far despite rising uncertainties in the Greek front and the imminence of the Non-farm Payrolls in the US economy.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “near term recovery, has eroded resistance at 1.1208/20, the high from the 22nd May and the 61.8% retracement of the recent sell off. In doing so it has neutralised the immediate outlook and suggests scope another attempt on the topside towards the 1.1468 recent high”.
“With the slew of services/composite PMIs out of the EZ generally on the right of prior expectations and a debt deal between Athens and its creditors expected to materialize (in some for or other), near term risks for the pair may remain oriented northwards, especially if bunds continue to be depressed. Note that the pair has lifted clean above its 100- day MA (1.1076) with immediate resistance expected at 1.1300 before 1.1320”, added FX Strategist Emmanuel Ng at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “near term recovery, has eroded resistance at 1.1208/20, the high from the 22nd May and the 61.8% retracement of the recent sell off. In doing so it has neutralised the immediate outlook and suggests scope another attempt on the topside towards the 1.1468 recent high”.
“With the slew of services/composite PMIs out of the EZ generally on the right of prior expectations and a debt deal between Athens and its creditors expected to materialize (in some for or other), near term risks for the pair may remain oriented northwards, especially if bunds continue to be depressed. Note that the pair has lifted clean above its 100- day MA (1.1076) with immediate resistance expected at 1.1300 before 1.1320”, added FX Strategist Emmanuel Ng at OCBC Bank.