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

FXStreet (Edinburgh) - EUR/USD is now testing fresh intraday highs in the 1.2710/15 band, waiting for the key indicators in the US economy ahead of tomorrow’s FOMC meeting.

“Last week the market charted an outside day to the downside and severed its short term uptrend. This suggests that the market should eventually come under pressure. We target the 1.2500/1.2460 supports (recent low and 78.6% retracement)”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Camilla Sutton, Chief FX Strategist at Scotiabank, commented, “The fundamentals of the Eurozone remain EUR negative with this week’s fundamental test being the Fed meeting and the release of the flash CPI estimate. We hold a year-end EUR target of 1.2500”.

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