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

FXStreet (Edinburgh) - The single currency is flat-lined vs. the greenback on Wednesday, with EUR/USD looking to stabilize yesterday’s sell off in the 1.2730 area.

Analyst Kristoffer Lomholt at Danske Bank suggested, “in the short term EUR/USD might continue to range trade as mixed US data and a more dovish tone from the Fed are likely to support the market’s expectations that the Fed will increase rates in H2 15… We still expect any bounces in EUR/USD to stop ahead of 1.30/1.31 and would indeed consider to buy on rallies”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “is starting to erode its short term uptrend at 1.2710 near term risks are shifting to the downside and we suspect the corrective move higher we have seen over the past few weeks is over. Loss of 1.2700 should be enough to undermine the correction higher and cast attention back to the 1.2500/1.2460 supports (recent low and 78.6% retracement)”.

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