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

FXStreet (Edinburgh) - The single currency is navigating a narrow range at the end of the week, keeping EUR/USD around the 1.2920/30 band so far.

Emmanuel Ng, FX Strategist at OCBC Bank, commented, “EU finance ministers and central bankers will congregate in Milan for the G20 meeting beginning Friday. Watch also for rhetoric from Finance Ministers of China and Japan over the weekend. Meanwhile, apart from calling upon EZ governments to step up, the ECB’s Draghi reiterated that the Bank remains ready to take further action if needed while Noyer also stated that “…we needed to bring the euro down and we still need to bring the euro down”. In the near term, expect some soul searching around current levels within a 1.2860-1.2960 neighborhood”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted “EUR/USD is sideways to upside corrective near term and this is helping to alleviate its oversold conditions. With no resistance of note tested however, the downside bias remains entrenched… We target the 1.2755 July 2013 low and the 1.2661 November 2012 low shorter term”.

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