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

FXStreet (Edinburgh) - The single currency is now taking a breather after pushing EUR/USD to the vicinity of 1.2700 the figure in early trade.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments the pair’s “failure to clear the 20 day ma at 1.2734 has placed the market on the defensive very near term. The Elliott wave count on the daily chart is suggesting a deeper retracement to 1.2955/1.3100, but intraday charts are more negative and currently the market is still corrective”.

In addition, FX Strategist Emmanuel Ng at OCBC Bank suggested “The Ecofin meeting of EU finance ministers on Tuesday may continue to focus investors’ attention on the ECB’s intentions and the pair may attempt to base build in the interim around with 1.2600 serving as a near term foundation”.

EUR/USD failed to break 1.27 and retreated

EUR/USD touched 1.2697 high in Asia, before retreating to current 1.2670 area in early Europe.
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