OctaFX | OctaFX Forex Broker
Open trading account
Back

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

FXStreet (Edinburgh) - The EUR/USD broke below the 1.2900 mark yesterday, extending its decline to levels last seen in early July 2013 around 1.2880/70.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has recently registered a weekly close below the critical 1.3020/00 support – this was a double Fibonacci retracement that included the 50% retracement of the entire move up from the 2012 low. Failure here has left the market directly offered. We look for losses to the 1.2755 July 2013 low and 1.2661 November 2012 low. Longer term target remains the 200 month ma at 1.2208”.

In addition, FX Strategist at OCBC Bank Emmanuel Ng commented, “Amid sustained bearish rhetoric from the ECB’s Nowotny (interest rates have reached their lower bound), the path of least resistance for the common unit be remain oriented south. Supports may begin to loom at 1.2875 ahead of 1.2755 in the interim. On the upside, any capitulation of EUR weakness may however trigger a bounce towards 1.2960 without denting bearish prospects”.

USD/JPY starring at 6-year highs; new shows ahead

USD/JPY conquered 106.00 in Asia, posting almost 6-year high at 106.36; it is currently trying to move higher.
Read more Previous

Netherlands, The Manufacturing Output (MoM): 1.9% (July) vs -1.3%

Read more Next
Start livechat