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

FXStreet (Edinburgh) - The EUR/USD is now hovering over 1.2850/60, looking to consolidate intraday gains after bottoming out around 1.2820.

In the view of Emmanuel Ng, FX Strategist at OCBC Bank, “The ECB’s Draghi address an EU Parliament Committee at 1300 GMT today with any ensuing thoughts on monetary policy likely to be scrutinized. Expect investors to attempt to sell into any rallies with the ECB’s Praet attempting to rally support for an ABS (asset-backed securities) program. Expect 1.2770/00 to continue to beckon if the dollar continues to gain traction at the same time while 1.2970 may serve as an interim cap”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “remains dominated near term by its downtrend, this is today located at 1.2932. We would continue to tighten stops on short positions/exit as the daily RSI has diverged quite significantly on the move to a new low and we would allow for a corrective rebound”.

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