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

FXStreet (Edinburgh) - EUR/USD is trading in a narrow range on Wednesday, following the mixed results from the German IFO.

“With the EZ data stream doing no favors for the common unit, expect the pair to continue to eye the 1.2800 support with 1.2750 still a potential prospect multi-session”, commented Emmanuel Ng, FX Strategist at OCBC Bank.

Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “is consolidating, initial resistance is offered by its downtrend, this is today located at 1.2896. We note the daily RSI has diverged quite significantly on the move and the risk has increased for a break above the downtrend and for a deeper retracement into the 1.3030/1.3155 band to be seen prior to further losses”.

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