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

FXStreet (Edinburgh) - EUR/USD is trading on the back foot on Wednesday following the adverse tone in the risk-associated universe and returning to the 1.2630 region.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted “The chart remains dominated by the 2 month downtrend, which today is located at 1.2712 and it is possible that a challenge of this is all the correction we will see – however the Elliott wave count on the daily chart is suggesting a deeper retracement to 1.2780/1.2955 and we are unable to rule this out”.

Furthermore, Emmanuel Ng, FX Strategist at OCBC Bank, “our view remains unchanged and the pair may attempt to clutch at the 1.2600 handle after its recent slide and with the ECB failing to incite additional dovishness last week”.

GBP/USD retreated from overnight highs – waiting for fuel

GBP/USD opened the day at 1.6094, and slowly drifted lower printing 1.6051 in the European morning.
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