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Flash: What does the EUR/USD have to offer? – Danske Bank and Commerzbank

FXstreet.com (Barcelona) - The shared currency is trading back into the positive territory on Wednesday, partially retracing early week losses. Recall that above-estimates US Consumer Confidence on Tuesday dragged the cross to fresh weekly lows in the boundaries of 1.2830.

In the opinion of Senior Analyst Frank Oland at Danske Bank, “If the move higher in especially US yields continues today, a break through the strong support level at 1.2796 is a possibility. Remember though, that the risk of an ECB cut into negative territory after ECB’s Noyer’s comments now looks rather distant. The latter is one of the key risks to the euro at the moment”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “We continue to view the near term upside probes as corrective only and the risk remains on the downside. We have a minor support at 1.2810/1.2796, which guards the 1.2740 April low and the 1.2679/61 long term Fibo”.

Greece Producer Price Index (YoY): -2.7% in Apr from -1.5% in Mar

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