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

FXStreet (Edinburgh) - The single currency is now retreating to the vicinity of 1.2620 after hitting overnight peaks near 1.2680.

“We would allow for a small corrective rally to its 2 month downtrend, which today is located at 1.2782. Ideally this will cap the topside and provoke failure, however we notice that the Elliott wave count is pointing to a possible 1.2831/1.3000 retracement prior to another leg lower to the 1.2460/78.6% retracement”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Emmanuel Ng, FX Strategist at OCBC Bank, commented, “Expect market action to be centered around the ECB meeting today with the pair expected to settle around the 1.2600 neighborhood in the interim. With EZ economic releases aligned with a heavy EUR-USD, the key psychological 1.2500 level may continue to entice if the ECB remains dovish today”.

USD/JPY bought on dips; 109.00 in sight

USD/JPY consolidating around 108.90. marginally higher the opening level at 108.88 after having dipped to the Asian lo at 108.55
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