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EUR/USD forecast: attention to German CPI – Commerzbank and OCBC

FXStreet (Edinburgh) - The risk-off sentiment continues to dominate the session on Tuesday, allowing EUR/USD to test daily tops near 1.1270 ahead of the opening bell in Euroland.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has recovered but also started to erode cloud support at 1.1260 and the near term risk remains on the downside for a re-visit of the current September lows at 1.1105/1.1088 . Failure at 1.1088 would trigger a move to 2015 uptrend at 1.0957”.

Furthermore, FX Strategist at OCBC Bank Emmanuel Ng, suggested “Look to the slew of EZ confidence indicators and German CPI for any potential macro cues today. Meanwhile, renewed risk aversion may continue to underpin the EUR-USD, with the 200-day MA (1.1188) acting as near term support. A break above 1.1260 would also light the way to 1.1300”.

Euro: Set to bounce before the ECB – SocGen

Research Team at Societe Generale, suggest that there are several factors suggesting that the next three weeks could offer the opportunity to trade a EUR/USD tactical rebound towards 1.14-1.15. The technical picture is asymmetrical on the bullish side, Eurozone PMIs are resilient, the dovish ECB is certainly discounted, the risk of a US government shutdown won’t help the dollar, and the EM sell off is prompting investors to put cash in safe currencies.
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USD/JPY keeps falling along with Asian stocks, near 119.50

The USD/JPY pair ran through fresh offers around 119.70 levels in the late-Asian trades and knocked-off the major to fresh session lows ahead of Europe open.
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