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

FXStreet (Edinburgh) - The single currency is trying to break above the overnight consolidative pattern around 1.2440, pushing EUR/USD to test 1.2465/70.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, observed “the recent new low has not been confirmed by the daily or weekly RSI and we would allow for tiny upside probes ahead of failure. Near term resistance is offered by the 4 month downtrend at 1.2634, key resistance is regarded as 1.2740/50, the 23.6% retracement of the entire move lower seen in 2014 and the lows for 2013”.

On the other hand, FX Strategist at OCBC Bank Emmanuel Ng suggested “expect attention to return to the 1.2400 floor with the recent low around 1.2358 also in the vicinity”.

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