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

FXStreet (Edinburgh) - The single currency is wobbling around 1.2800 the figure vs. the US dollar today, retracing some ground after Wednesday’s tops in the upper 1.2800s.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “EUR/USD has seen another strong bounce from 1.2600, and remains upside corrective. The Elliott wave count on the daily chart is suggesting a deeper retracement to 1.2955/1.3100, and this cannot be ruled out”.

In addition, FX Strategist Emmanuel Ng at OCBC Bank argued “If the broad USD retracement continues to deepen, expect a test towards the next Fibo level around 1.2963, especially if 1.2790/00 finds support. Expect a buy dips tone in the interim”.

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