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

FXStreet (Edinburgh) - EUR/USD is back below 1.2600 the figure once again, following the sharp sell off after the hawkish tone from the FOMC statement on Wednesday.

In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The move to 1.2887 was regarded as the end of wave 4 and the move below 1.2605 targets the 1.2500/1.2460 supports (recent low and 78.6% retracement)”.

On the other hand, Chief Analyst Allan von Mehren at Danske Bank added, “The strong USD trend is back and we expect the DXY Index to continue to strengthen in coming days. One note of caution, though, is that we expect euro-area October CPI due on Friday to surprise on the upside, rising 0.6% y/y from 0.3% y/y. This should dampen the EUR/USD downtrend”.

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