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20 Mar 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is now testing the 1.3815/10 area, as the selling pressure seems to be creeping back in the market.
In light of yesterday’s sharp sell-off, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “This is likely to prompt a small rebound, but we would look for intraday rallies to now struggle 1.3855/80. Given the 13 count on the daily and the complex divergence of the RSI, the risk has increased for a trend break. Failure here will target initially 1.3643, the end of February low”.
In addition, Strategist Emmanuel Ng at OCBC Bank observed “We will continue to re-assess EUR-USD prospects, especially after the latest bombshell from the FOMC. IF EZ data flow remains constructive, the market may require further US-centric cues for the pair to break the 1.3800 support on a sustained basis”.
In light of yesterday’s sharp sell-off, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “This is likely to prompt a small rebound, but we would look for intraday rallies to now struggle 1.3855/80. Given the 13 count on the daily and the complex divergence of the RSI, the risk has increased for a trend break. Failure here will target initially 1.3643, the end of February low”.
In addition, Strategist Emmanuel Ng at OCBC Bank observed “We will continue to re-assess EUR-USD prospects, especially after the latest bombshell from the FOMC. IF EZ data flow remains constructive, the market may require further US-centric cues for the pair to break the 1.3800 support on a sustained basis”.