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

FXStreet (Edinburgh) - The EUR/USD is meandering around a narrow range at the beginning of the week, keeping the trade near 1-year lows.

“EUR/USD has stabilised but the downtrend remains firmly intact. We expect EUR/USD to range trade and possibly bounce around the ECB meeting but any bounce should be short-lived. We target EUR/USD to reach 1.30 in 1M and 1.27 in 3M”, observed Pernille Nielsen, Senior Analyst at Danske Bank.

Axel Rudolph, Senior Technical Analyst at Commerzbank, commented, “Resistance comes in along the downtrend channel resistance line at 1.3177and the 1.3222 August 28 high as well as at 1.3333/36. Further resistance can be seen along the three month downtrend line at 1.3376. While trading below here, downside pressure should be maintained”.

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