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

FXStreet (Edinburgh) - EUR/USD is looking to consolidate the recent break above the 1.2900 key barrier amidst a context still favourable to the US dollar.

In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has consolidated sideways to alleviate its intraday oversold conditions. With no resistance of note tested, the downside bias remains entrenched. Rallies are indicated to terminate in the 1.2990/1.3062 band and given that we find the accelerated downtrend also here at 1.3062 we will assume that the market will remain directly offered while capped here”.

In addition, Emmanuel Ng, FX Strategist at OCBC Bank, commented, “Near term background support for the EUR-CHF may serve to temper EUR-USD bearishness in the short term with no let up on dovish rhetoric from ECB council members this week. Expect some consolidation around current levels… while the balance of risks for the pair may remain tilted to the downside”.

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