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EUR/USD forecast: focus on PMIs – OCBC and Commerzbank

FXStreet (Edinburgh) - EUR/USD continues to grind lower from recent weekly tops ahead of the European open and in light of the upcoming final manufacturing PMIs during September.

FX Strategist at OCBC Bank Emmanuel Ng noted “Extended QE expectations surrounding the ECB post the latest EZ inflation readings may keep the pair slightly top heavy into the Markit EZ PMI due at 0800 GMT with 3 ECB speakers also on tap today. Beyond the 200-day MA (1.1173), the next near term junction is expected at the 55-day MA (1.1145) ahead of 1.1110”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “has sold off following its erosion of cloud support and the sell off has already reached the 55 day ma at 1.1144. The risk remains 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 1.0964.This remains a key break down point”.

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