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

FXStreet (Edinburgh) - The common currency managed to leave recent troughs near 1.2500 the figure and is now looking to consolidate the breakout of the 1.2600 handle amidst scarce data and events.

“With spec positioning still heavily short EUR, this should help slow the EUR/USD downtrend near term. However, with surveys indicating the EZ economy could be slipping back into mild contraction, the pressure for bolder ECB action will continue in coming weeks. EUR/USD would be a tempting sell on any probes to the low 1.27s. UK data has been patch”, observed analyst at Westpac Global Strategy Group.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the pair “held steady yesterday and once again the daily RSI has yet to confirm the new low. As a consequence we would allow for a small bounce. The chart remains dominated by the 2 month downtrend, which today is located at 1.2730. While this holds, it leaves the market on course for the 1.2460/78.6% retracement”.

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