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

FXStreet (Edinburgh) - The USD continues unabated its march north on Thursday, this time boosted by yesterday’s FOMC meeting and Yellen words. The exchange rate took a toll as an immediate consequence, dipping to sub-1.2850 levels.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD has broken down from its near term tight consolidation range, we are a little concerned that the new low has yet to be confirmed by the daily RSI. But directly overhead we find the accelerated downtrend at 1.2970 today, the market is offered while capped here”.

In addition, FX Strategist Emmanuel Ng at OCBC Bank, observed, “The TLTRO allotment announcement presents some domestic event risk for the EUR today and any ‘disappointment’ on this front may incite further dovishness out of the ECB, not to mention heightened negativity towards the EUR. The dichotomy between the Fed and the ECB has been made all the more apparent by the FOMC and will likely continue to weigh on the pair with heaviness still expected within 1.2810-1.2950 in the near term”.

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