10 Dec 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXstreet.com (Edinburgh) - The EUR/USD remains well bid above the 1.3700 handle so far, coming down to the area of 1.3745/40 after hitting fresh 6-week highs near 1.3770 overnight.
In light of the recent upside of the pair, Karen Jones, Head of FICC Technical Studies at Commerzbank, commented, “We note the 13 count on the 240 chart and TD resistance circa 1.3790 and suspect upside progress will now be slow. However to alleviate upside pressure a close below the uptrend at 1.3534 is now needed”.
Emmanuel Ng, Strategist at OCBC Bank, noted, “With the ECB’s Mersch on Monday displaying no near term intent by the central bank to engage in further monetary accommodation, the EUR-USD may find enough resources to test towards the 1.3800 ceiling in the near term. On the downside, a key psychological support is expected on dips to the 1.3700 and then 1.3650 area”.
In light of the recent upside of the pair, Karen Jones, Head of FICC Technical Studies at Commerzbank, commented, “We note the 13 count on the 240 chart and TD resistance circa 1.3790 and suspect upside progress will now be slow. However to alleviate upside pressure a close below the uptrend at 1.3534 is now needed”.
Emmanuel Ng, Strategist at OCBC Bank, noted, “With the ECB’s Mersch on Monday displaying no near term intent by the central bank to engage in further monetary accommodation, the EUR-USD may find enough resources to test towards the 1.3800 ceiling in the near term. On the downside, a key psychological support is expected on dips to the 1.3700 and then 1.3650 area”.