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

FXStreet (Edinburgh) - EUR/USD remains on the back footing on Wednesday, intensifying the weekly decline following poor results from today’s PMIs and ahead of tomorrow’s ECB gathering.

“We are surprised to see the market continue to tumble at this juncture but with the chart dominated by the 2 month downtrend the outlook remains bearish, this is currently located at 1.2801”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Emmanuel Ng, FX Strategist at OCBC Bank, added, “With the pair having sunk below 1.2700, the key psychological 1.2500 level may continue to entice if the ECB remains dovish”.

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