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

FXStreet (Edinburgh) - The single currency is posting meagre gains at the beginning of the week, taking EUR/USD back to the 1.2750 neighbourhood.

In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The market remains under pinned short term by 1.2600, and remains upside corrective this week. 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, Senior Analyst Morten Helt at Danske Bank, commented, “We believe that EUR/USD and USD/JPY are particularly vulnerable to a correction where we expect the correction in EUR/USD will stop ahead of 1.30/1.31 and in USD/JPY around 105/106. It is noteworthy that while the market has ‘priced out’ Fed and now only expects the central bank to begin its tightening cycle in October 2015, the USD correction has been modest”.

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