14 Oct 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and Westpac
FXstreet.com (Edinburgh) -The EUR/USD continues to navigate around 1.3550 and 1.3570 at the beginning of the week, with market focus remaining on the US developments amidst ongoing talks regarding the debt ceiling and the current US Government shutdown.
In the opinion of Westpac Global Strategy Group, “Topside momentum in EUR/USD has stalled with the pair oscillating roughly between 1.35-1.36 for the better part of 2 weeks. We expect the pair will find a base into 1.3450 and maintain a modest uptrend as long as the stalemate in Washington, DC persists. German investor sentiment in ZEW survey is the only release of note, unlikely to be a range-breaker. One month target 1.37”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair’s “slide ended at 1.3486 last week and is back on track to reach the 1.3607 October 8 high, a daily close above which would be bullish and put the current October high at 1.3646 back on the map”.
In the opinion of Westpac Global Strategy Group, “Topside momentum in EUR/USD has stalled with the pair oscillating roughly between 1.35-1.36 for the better part of 2 weeks. We expect the pair will find a base into 1.3450 and maintain a modest uptrend as long as the stalemate in Washington, DC persists. German investor sentiment in ZEW survey is the only release of note, unlikely to be a range-breaker. One month target 1.37”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair’s “slide ended at 1.3486 last week and is back on track to reach the 1.3607 October 8 high, a daily close above which would be bullish and put the current October high at 1.3646 back on the map”.