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

FXStreet (Edinburgh) - The single currency managed to leave recent lows near 1.2700 the figure, lifting EUR/USD to the 1.2735/40 band ahead of the European open.

“With rate differentials, soft economic releases, and ECB dovishness weighing on the pair, the risk-reward profile for the pair may remain tilted south into the end of the week. With 1.2800 now serving as a resistance, we look potentially towards 1.2755 and then 1.2700”, commented Emmanuel Ng, FX Strategist at OCBC Bank.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “Only above the downtrend at 1.2855 will alleviate immediate downside pressure for a deeper retracement to initially the 1.2940 55 day ma and potentially to 1.3020/1.3150 where we would expect to see the market fail”.

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