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

FXStreet (Edinburgh) - The single currency is surrendering the recent advance to the very doorsteps of 1.2800 the figure on Friday, pushing EUR/USD back to the 1.2660/70 area.

Eric Theoret, Currency Strategist at Scotiabank, noted the short-term technicals remain bearish, adding “with its 21 day MA (1.2774) though generally struggling above 1.2750, momentum indicators have shifted to neutral from bearish”.

In addition, FX Strategist at OCBC Bank Emmanuel Ng commented, “Outside of profit taking activity, upside for the EUR-USD may remain limited amid disappointing economic data flow, a suitably dovish ECB Bulletin, and the latest growth forecast downgrades for German growth. Expect more base building behavior in the interim although latest Fed speak may discourage excessive upticks at this juncture”.

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