29 Apr 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and Danske Bank
FXStreet (Edinburgh) - The EUR/USD remains in the upper end of the weekly range, although it still remains unable to follow through the 1.3880 level.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “is grinding higher, it is not dynamic and although we remain unable to rule out an extension to the 1.3967 recent high and then the two resistance lines at 1.4008 and 1.4016, we look for these latter levels to hold the topside. We view the longer term pattern as a potential bearish wedge”.
Furthermore, Senior Analyst Morten Helt at Danske Bank suggested the pair “might still be trapped in a range around 1.38 as a break of the current range will likely require a considerable re-pricing of one of the two central banks”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “is grinding higher, it is not dynamic and although we remain unable to rule out an extension to the 1.3967 recent high and then the two resistance lines at 1.4008 and 1.4016, we look for these latter levels to hold the topside. We view the longer term pattern as a potential bearish wedge”.
Furthermore, Senior Analyst Morten Helt at Danske Bank suggested the pair “might still be trapped in a range around 1.38 as a break of the current range will likely require a considerable re-pricing of one of the two central banks”.