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17 Sep 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXstreet.com (Edinburgh) -The EUR/USD bounced off overnight lows in sub-1.3330 levels to test again the area around 1.3350 ahead of the key ZEW Survey in Germany and EMU. The pair would see an extension of the ongoing rally, as market expectations point to further gains from the survey.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair ”continues to hold over its accelerated uptrend at 1.3313 and has maintained upside pressure. The risk remains for further gains and the Intraday charts are suggesting that this will extend to 1.3453 August high possibly 1.3520, but is unlikely to reach the 1.3711 January high”.
In the opinion of Emmanuel Ng, Strategist at OCBC Bank, “the EUR-USD may remain on a supported posture although excessive upside may be capped by sporadic attempts by the ECB (e.g., Draghi yesterday) to temper and talk down rate expectations. Immediate resistance is expected towards 1.3400 before 1.3450 while key support multi-session is expected at around 1.3240 before the 55-day MA (1.3214)”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair ”continues to hold over its accelerated uptrend at 1.3313 and has maintained upside pressure. The risk remains for further gains and the Intraday charts are suggesting that this will extend to 1.3453 August high possibly 1.3520, but is unlikely to reach the 1.3711 January high”.
In the opinion of Emmanuel Ng, Strategist at OCBC Bank, “the EUR-USD may remain on a supported posture although excessive upside may be capped by sporadic attempts by the ECB (e.g., Draghi yesterday) to temper and talk down rate expectations. Immediate resistance is expected towards 1.3400 before 1.3450 while key support multi-session is expected at around 1.3240 before the 55-day MA (1.3214)”.