1 Dec 2014
What’s the sentiment around EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is meandering between 1.2420 and 1.2450 at the beginning of the week, as markets wait for the final releases of the manufacturing PMIs in the euro area.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “is capped near term by the 1.2507 3 month downtrend, it has been trading sideways for a few weeks above the 1.2358 level. Our stance is neutral to slightly negative”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng noted spot “may continue to gravitate towards the 1.2400 floor ahead of the recent lows near 1.2360 while 1.2500 should cap on initial upticks”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “is capped near term by the 1.2507 3 month downtrend, it has been trading sideways for a few weeks above the 1.2358 level. Our stance is neutral to slightly negative”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng noted spot “may continue to gravitate towards the 1.2400 floor ahead of the recent lows near 1.2360 while 1.2500 should cap on initial upticks”.