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

FXStreet (Edinburgh) - EUR/USD is posting meager gains at the end of the week against a backdrop of absent data and events in both the US and the euro area.

In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has held the initial test of the 1.2605 support. While this may prompt a small rebound, the market has recently charted an outside day to the downside and severed its short term uptrend. This suggests that the market should now come under pressure”.

On the other hand, FX Strategist Emmanuel Ng at OCBC Bank commented the pair “may look towards the weekend results of the ECB’s stress test results for the EZ’s 130 banks and the near term risk reward profile may favor a top heavy posture within the 1.2600-1.2700 range”.

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