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

FXStreet (Edinburgh) - EUR/USD is now looking to regain the 1.2400 handle at least, recovering some ground after posting fresh multi-year lows post-ECB on Thursday.

In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s “decisive break below the 1.2460/78.6% retracement support suggests that the next leg lower is underway towards the 200 month ma at 1.2225. This is major support and is likely to hold the downside on the Initial test”.

In the aftermath of the ECB gathering, Senior Analyst at Danske Bank Flemming Nielsen commented “EUR/USD fell 1 figure on the press conference and we believe it has further to go. In our view, it also reflects that the market is very keen to buy the USD and sell the EUR and is using any opportunity to express this view… We forecast EUR/USD will
reach 1.20 in six months’ time”.

GBP/USD positioning before the US Non-Farm data

GBP/USD opened the day at 1.5830, and kept moving lower posting another 14-month lower at 1.5815 in late Asia; it’s currently trading at 1.5830.
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