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

FXStreet (Edinburgh) - EUR/USD is hovering over the key barrier at 1.2800 at the end of week, extending the overnight consolidation pattern.

EUR/USD remains under pinned short term by 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”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

In addition, Senior Analyst Morten Helt at Danske Bank suggested, “we will likely have a period of range trading in the USD and in the short term risk is probably skewed to the upside for EUR/USD, despite a fairly stretched valuation, as rising concerns about the global growth outlook continue to weigh on risk sentiment. We expect that 1.30/1.31 will provide strong resistance for EUR/USD and we still expect EUR/USD to trade lower on a three- to six-month horizon”.

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