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12 Aug 2014
What’s the sentiment around the EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The EUR/USD is confined to the lower end of the intraday range around 1.3365/60 on Tuesday, as risk aversion sentiment continues to build up.
“Look to the German August ZEW for further cues today with the 1.3400 rung still proving slippery for the pair in the past few sessions. As noted previously, the EUR-USD may remain hesitant on the upside with an interim cap expected at 1.3455 while 1.3300/30 may remain within reach pending news developments”, signaled Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD is near term consolidating its recent losses… A close below 1.3338 (base of the cloud on the monthly chart) should be enough to trigger further losses to the 1.3295 November 2013 low en route to 1.3020/00, the 50% retracement of the move up from the 1.2042/July 2012 low”.
“Look to the German August ZEW for further cues today with the 1.3400 rung still proving slippery for the pair in the past few sessions. As noted previously, the EUR-USD may remain hesitant on the upside with an interim cap expected at 1.3455 while 1.3300/30 may remain within reach pending news developments”, signaled Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD is near term consolidating its recent losses… A close below 1.3338 (base of the cloud on the monthly chart) should be enough to trigger further losses to the 1.3295 November 2013 low en route to 1.3020/00, the 50% retracement of the move up from the 1.2042/July 2012 low”.