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What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank

FXStreet (Edinburgh) - After a promising start of the session climbing to fresh weekly highs around 1.3220, the EUR/USD has rapidly deflated to test intraday lows near 1.3170 so far.

In the view of Axel Rudolph, Senior Technical Analyst at Commerzbank, “EUR/USD has so far slipped to an August low at 1.3153 while en route to the 1.3105 September low and the psychological 1.3000 region. Today it is expected to recover, though”.

In addition, FX Strategist at OCBC Bank Emmanuel Ng commented, “Note that the pair managed to regain its footing somewhat on Thursday on the back of wire reports indicating no further initiatives from the ECB next week but we expect sentiment to remain fragile in the intervening period with key event risks expected from German CPI numbers today and EZ CPI reading tomorrow. In the interim, we stay the course with a heavy EUR-USD stance with the next visible support expected at 1.3150 if the foothold at 1.3200 is lost”.

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