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

FXStreet (Edinburgh) - The EUR/USD keeps a sideline pattern around 1.3150 on Thursday ahead of the key ECB meeting due later.

“Optimism surrounding the potential cease fire in eastern Ukraine masked the still dour picture painted by the swath of EZ PMIs on Wednesday. While we are getting indications of an oversold environment for the pair with 1.3100/10 a near term support, downside risks to the pair may remain conspicuous at this juncture”, observed Emmanuel Ng, FX Strategist at OCBC Bank.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “The accelerated downtrend has been eroded and we look for gains to the 1.3222 August 28 high where the currency pair is likely to be capped. Further resistance can be seen along the three month downtrend line at 1.3345… Note we remain bearish longer term, we are looking for a minor squeeze higher only”.

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