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

FXStreet (Edinburgh) - EUR/USD remains almost unchanged on Wednesday, hovering over the 1.2740 area ahead of the FOMC meeting due in the European evening.

“We still expect the recent high at 1.2885 to be protected and we would consider selling the rallies in EUR/USD. On a 3-6M horizon we expect relative growth performance and the outlook for relative monetary policy to pave the way for another move lower in EUR/USD. We target 1.22 in 3M and 1.20 in 6M”, note Anders Fischer, Analyst at Danske Bank.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “is bid in its range but has not overcome any resistance of note, we have a near term downtrend at 1.2768 today and while capped here there is a downside bias, however the intraday chart is more positive”.

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