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4 May 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The shared currency is managing to keep the trade above the 1.1200 mark at the beginning of the week, ahead of the final manufacturing PMIs in Europe.
“The pair may remain slightly supported ahead of the US NFP on Friday with EZ deflation fears subsiding although news flow out of Greece remains a source of uncertainty with a deal expected before the 11 May 15 EZ finance ministers meeting. The immediate pivot point is expected at 1.1200 while 1.1130 may support on initial dips with topside resistance expected towards 1.1280”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “comes off the 38.2% Fibonacci retracement of the move down from December 2014 which is located at 1.1264. The 1.1052 26th March high is being eyed short term. While above here, EUR/USD will remain bid”.
“The pair may remain slightly supported ahead of the US NFP on Friday with EZ deflation fears subsiding although news flow out of Greece remains a source of uncertainty with a deal expected before the 11 May 15 EZ finance ministers meeting. The immediate pivot point is expected at 1.1200 while 1.1130 may support on initial dips with topside resistance expected towards 1.1280”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “comes off the 38.2% Fibonacci retracement of the move down from December 2014 which is located at 1.1264. The 1.1052 26th March high is being eyed short term. While above here, EUR/USD will remain bid”.