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

FXStreet (Edinburgh) - The selling pressure remains intact around the single currency, with EUR/USD giving away recent gains and returning to the mid-1.2500s.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “may have held the initial test of 1.2545, but has also recently failed at its downtrend, this is located at 1.2743 today and while capped here there is a downside bias”.

“Flailing EZ bond yields on the back of deflationary concerns may continue to keep the EUR on the defensive against the USD ahead of the EZ CPI numbers later today (1000 GMT). In the near term, if 1.2600 is perforated, expect renewed slippage towards 1.2500 multi-session”, noted Emanuel Ng, FX Strategist at OCBC Bank.

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