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

FXStreet (Edinburgh) - EUR/USD is flirting with the 1.2500 handle at the moment amidst a context favourable to the riskier assets.

In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “rose to 1.2580, close to the 1.2600/14 October 10 and 23 lows and three month resistance line. Key resistance above this resistance area is regarded as 1.2740/50, the 23.6% retracement of the entire move lower seen in 2014 and the lows for 2013”.

Furthermore, Chief Analyst Arne Rasmussen at Danske Bank commented “We have ‘rolled’ our 1M EUR/USD forecasts to 1.24 from 1.25, maintaining our 3M, 6M and 12M forecasts at 1.22, 1.20 and 1.23, respectively. We continue to expect that EUR/USD will head lower near term on monetary and growth divergence, while the cross will stabilise in H2 15 on European growth stabilisation”.

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