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

FXStreet (Edinburgh) - EUR/USD is trading well above the 1.2700 handle on Thursday, boosted by the dovish tone from yesterday’s FOMC meeting.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “corrective rebound has eroded the 2 month downtrend, and in doing so suggests that we will see a slightly deeper retracement. The Elliott wave count on the daily chart is suggesting a deeper retracement to 1.2780/1.2955, and we are slightly favouring a move to the latter level”.

In addition, FX Strategist Emmanuel Ng at OCBC Bank commented “we also note that decaying interest rate differentials in favor of the EUR in the month to date may also keep the EUR afloat, with the pair likely to challenge 1.2800 if near term USD strength continues to be diffused”.

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