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

FXStreet (Edinburgh) - The EUR/USD managed to leave behind the area of 1y lows near 1.3110, and is now hovering over 1.3140/45.

In the opinion of Emmanuel Ng, FX Strategist at OCBC Bank, “For today, look to the swath of services PMIs with the EUR-USD still expected to be entrenched below 1.3200 while 1.3100 may offer initial support if sentiment continues to uncoil (investors would do well to keep watching Ukraine/Russian headlines)”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, notes the pair “may hold the initial test the 1.3105 September 2013 low before reaching the psychological 1.3000 region. On the 240 minute charts we can see positive divergence and we note 13 counts on the intraday charts and the daily chart. Together with the oversold reading of the slow stochastic, this increases the chances of a minor bounce towards the 1.3200 region being seen”.

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