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

FXStreet (Edinburgh) - EUR/USD has surrendered earlier gains and is trading back around the mid-1.2600s following the USD bid tone and softer-than-expected ZEW figures.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, observed the pair “rallied higher yesterday but failed to clear the 1.2791 9th October high and failure to break below 1.2600 leaves it somewhat sidelined/still corrective very near term”.

In addition, FX Strategist Emmanuel Ng at OCBC Bank, argued “our neutral view remains unchanged for the near term with a potential test of 1.2790 on the cards if USD weakness deepens with an initial floor for the pair expected at 1.2700”.

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