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

FXStreet (Edinburgh) - EUR/USD is trading on a firmer footing on Tuesday, despite euro zone flash PMIs disappointed investors for the month of September.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “remains dominated near term by its downtrend, this is today located at 1.2914. We would continue to lighten short positions as the daily RSI has diverged quite significantly on the move to a new low and we would allow for a small corrective rebound”.

“The ECB’s Draghi reiterated that the Bank stands ready to utilize “additional unconditional instruments within our mandate” to address risks to the inflation outlook while repeating his call for EZ governments to step up to the plate… The support at 1.2800 may look increasingly tenuous with the next subsequent waypoint expected at 1.2750”.

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