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

FXStreet (Edinburgh) - EUR/USD is attempting some sort of recovery from session lows near 1.2430 at the beginning of the week, ahead of the final PMI figures in the euro region.

“Ahead of the ECB on Thursday (where no new initiatives are expected as yet but Draghi’s press conference will be closely scrutinized nonetheless), the EC’s revised economic forecasts on Tuesday may also hold additional downside risks for the common currency. If the pair loses its foothold at 1.2500 on a sustained basis, there may well be little to support till the 1.2350 neighborhood”, noted Emmanuel Ng, FX Strategist at OCBC Bank.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “The market has tested the 1.2460/78.6% retracement support and we await a close below here to trigger the next leg down to the 200 month ma at 1.2225. This is major support and is expected to hold the downside on the Initial test, it held the downside in 2010 and 2012”.

Sweden Purchasing Managers Index Manufacturing (MoM) declined to 52.1 in October from previous 53.4

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