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Trading news
16 Apr 2015
What’s the sentiment around EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - EUR/USD is back around 1.0670/80 on Thursday, correcting lower from overnight tops near 1.0750.
“Despite the EUR-USD firming on the back of a weakened dollar on Wednesday, note that the EUR continued to underperform across G10 space post-ECB. With the “dictatorship” still expected to remain dovish and prospects of a definitive Greek deal next week looking slim, EUR-USD upside prospects we think will have to be predicated largely on potential USD vulnerability. We stay neutral for the short term”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “Intraday rallies are likely to remain curtailed by the 1.0800/80 band and this would make very little impact on this negative chart. Only an unexpected daily chart close above the 1.1098 would change our view to a short term bullish one and neutralise our medium term outlook”.
“Despite the EUR-USD firming on the back of a weakened dollar on Wednesday, note that the EUR continued to underperform across G10 space post-ECB. With the “dictatorship” still expected to remain dovish and prospects of a definitive Greek deal next week looking slim, EUR-USD upside prospects we think will have to be predicated largely on potential USD vulnerability. We stay neutral for the short term”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “Intraday rallies are likely to remain curtailed by the 1.0800/80 band and this would make very little impact on this negative chart. Only an unexpected daily chart close above the 1.1098 would change our view to a short term bullish one and neutralise our medium term outlook”.