18 Nov 2014
What’s the sentiment around EUR/USD today? – Commerzbank and Danske Bank
FXStreet (Edinburgh) - EUR/USD is flirting with the 1.2500 handle at the moment amidst a context favourable to the riskier assets.
In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “rose to 1.2580, close to the 1.2600/14 October 10 and 23 lows and three month resistance line. Key resistance above this resistance area is regarded as 1.2740/50, the 23.6% retracement of the entire move lower seen in 2014 and the lows for 2013”.
Furthermore, Chief Analyst Arne Rasmussen at Danske Bank commented “We have ‘rolled’ our 1M EUR/USD forecasts to 1.24 from 1.25, maintaining our 3M, 6M and 12M forecasts at 1.22, 1.20 and 1.23, respectively. We continue to expect that EUR/USD will head lower near term on monetary and growth divergence, while the cross will stabilise in H2 15 on European growth stabilisation”.
In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “rose to 1.2580, close to the 1.2600/14 October 10 and 23 lows and three month resistance line. Key resistance above this resistance area is regarded as 1.2740/50, the 23.6% retracement of the entire move lower seen in 2014 and the lows for 2013”.
Furthermore, Chief Analyst Arne Rasmussen at Danske Bank commented “We have ‘rolled’ our 1M EUR/USD forecasts to 1.24 from 1.25, maintaining our 3M, 6M and 12M forecasts at 1.22, 1.20 and 1.23, respectively. We continue to expect that EUR/USD will head lower near term on monetary and growth divergence, while the cross will stabilise in H2 15 on European growth stabilisation”.