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11 Jun 2014
What’s the sentiment around the EUR/USD? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The demand for the single currency remain subdued on Wednesday, with the EUR/USD navigating within a narrow range around 1.3540.
“Our overall view remain bearish while we are below 1.40, beyond this near term rebound we look for losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3439. While this is expected to hold the initial test, we then look for it to break following the markets recent key month reversal”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, FX Strategist at OCBC Bank Emmanuel Ng, observed “sentiment is also expected to be weighed amid recent market talk about outward diversification flows by reserve managers. Expect 1.3600 to cap in the near term while 1.3500 may continue to beckon”.
“Our overall view remain bearish while we are below 1.40, beyond this near term rebound we look for losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3439. While this is expected to hold the initial test, we then look for it to break following the markets recent key month reversal”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, FX Strategist at OCBC Bank Emmanuel Ng, observed “sentiment is also expected to be weighed amid recent market talk about outward diversification flows by reserve managers. Expect 1.3600 to cap in the near term while 1.3500 may continue to beckon”.