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

FXStreet (Edinburgh) - EUR/USD is hovering over the mid-1.2600s ahead of the key releases from manufacturing and services PMIs in the euro region.

“The EUR pretty much remained the runt within G10 space on Wednesday and with the 1.2800 level soundly rejected, risk towards a test towards 1.2600 may continue to loom into the weekend. In the interim, look towards the flash EZ PMIs for near term cues”, observed Emmanuel Ng, FX Strategist at OCBC Bank.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, added “We view the corrective move higher as complete and look for the market to now come under pressure. The erosion of the short term uptrend should be enough to cast attention back to the 1.2500/1.2460 supports (recent low and 78.6% retracement)”.

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