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6 May 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The shared currency managed to regain the 1.1200 handle and beyond in late Tuesday ahead of Services PMIs in the euro area.
“German finance minister Schaeuble denied a FT article indicating that the IMF had asked for further and large scale debt relief for Greece and we expect headlines to remain very fluid in the coming sessions. Elsewhere, the EC hiked the EZ’s growth forecasts but expect greenback and Greece-related developments to hold sway over the pair in the near term. At this juncture, expect a supported stance within 1.1050- 1.1200”, noted FX Strategist at OCBC Bank, Emmanuel Ng.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “has seen initial failure at the 38.2% Fibonacci retracement of the move down from December 2014 which is located at 1.1264. The dip back however has held over the 1.1052 26th March high and while above here, EUR/USD will remain bid”.
“German finance minister Schaeuble denied a FT article indicating that the IMF had asked for further and large scale debt relief for Greece and we expect headlines to remain very fluid in the coming sessions. Elsewhere, the EC hiked the EZ’s growth forecasts but expect greenback and Greece-related developments to hold sway over the pair in the near term. At this juncture, expect a supported stance within 1.1050- 1.1200”, noted FX Strategist at OCBC Bank, Emmanuel Ng.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “has seen initial failure at the 38.2% Fibonacci retracement of the move down from December 2014 which is located at 1.1264. The dip back however has held over the 1.1052 26th March high and while above here, EUR/USD will remain bid”.