18 Jun 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is extending the overnight sideline pattern around 1.3550/45, against the backdrop of increasing expectations around the FOMC meeting due this evening.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “the market essentially remains in consolidation mode just ahead of the recent low at 1.3503 and we suspect the market is pausing ahead of this years low at 1.3476 and the 2012-2014 uptrend at 1.3454”.
“The slightly disappointing German June ZEW played into a stronger USD environment on Tuesday and investors may continue to loiter at current levels ahead of the FOMC later tonight. In the interim, we continue to favor a top heavy stance with the 1.3600 and 200-day MA (1.3665) visible resistance levels while the 1.3500 support remains as yet unchallenged”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “the market essentially remains in consolidation mode just ahead of the recent low at 1.3503 and we suspect the market is pausing ahead of this years low at 1.3476 and the 2012-2014 uptrend at 1.3454”.
“The slightly disappointing German June ZEW played into a stronger USD environment on Tuesday and investors may continue to loiter at current levels ahead of the FOMC later tonight. In the interim, we continue to favor a top heavy stance with the 1.3600 and 200-day MA (1.3665) visible resistance levels while the 1.3500 support remains as yet unchallenged”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.