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

FXStreet (Edinburgh) - The single currency commenced the week on a softer tone, taking the EUR/USD to the lower 1.2900s around 1.2930/25 so far.

In the view of Emmanuel Ng, FX Strategist at OCBC Bank, “the pair may be expected to bounce within a 1.2900-1.3000 range pending further cues. Note that leveraged CFTC EUR shorts also lightened up in the latest week, with the price action in the pair mirroring this development in the latter part of last week”.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “spent much of last week sidelined and consolidating recent losses - this has helped to alleviate its oversold conditions. We start this week with the downside bias still entrenched. Rallies are indicated to terminate circa 1.2990 and given that we find the accelerated downtrend also here at 1.3025 we will assume that the market will remain directly offered while capped here”.

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