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

FXStreet (Edinburgh) - EUR/USD is reverting the positive start on Monday, returning to the 1.2520 area after hitting 1.2540 overnight.

In the view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s “reversal to the upside on Friday has the 1.2605/14 October 10 and 23 lows and three month resistance line in sight. 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”.

“We still expect EUR/USD to edge lower based on relative monetary policy, the USD’s role as an asset currency and the EUR’s role as an attractive funding currency. We do, however, emphasise that the current record long speculative USD positions leave EUR/USD vulnerable to short-term, temporary corrections higher”, suggested Arne Rasmussen, Chief Analyst at Danske Bank.

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