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EUR/USD forecast: focus on US docket – Commerzbank and OCBC

FXStreet (Edinburgh) - EUR/USD has started the week on a softer tone, coming down from overnight tops near 1.1220 and finding support around 1.1170.

Karen Jones, Head of FICC Technical Analysis, noted the pair “as expected struggled to make much impact on overhead resistance and ended the week weighing on the top of the cloud at 1.1136. The near term risk remains for failure at the 1.1332 September 1 high and a re-visit of the current September lows at 1.1105/1.1088”.

Furthermore, FX Strategist at OCBC Bank Emmanuel Ng added “Although implied leveraged CFTC EUR shorts were pared in the latest week, expect investors to continue to fade upticks in the EUR-USD in the current USD landscape. Expect further soul searching in the vicinity of the 200-day MA (1.1188) with visible risks towards 1.1150 ahead of the 55- day MA (1.1130)”.

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