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

FXStreet (Edinburgh) - EUR/USD remains above the 1.2400 handle during the first half of the week, ahead of the key Q3 GDP Annualized in the US economy.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “despite holding the 1.2358 recent low, the market remains under pressure short term to sell off to its 200 month moving average at 1.2224… Near term rallies are indicated to terminate circa 1.2465/90”.

Senior Analyst Signe Roed-Frederiksen at Danske Bank added “given the already very stretched positioning, which according to the latest IMM data reached a new record high level of bullish USD bets last week, the move lower in EUR/USD will continue to be much more gradual and much more uneven going forward compared to the period from July to September when EUR/USD declined nearly 8%”.

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