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

FXStreet (Edinburgh) - The upside above 1.1300 the figure post-Payrolls seems to have run out of steam on Monday, with EUR/USD returning to the 1.1230 area ahead of Services PMIs.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “rally on Friday has held the top of the cloud and the 6 week resistance line at 1.1313 today and for now our negative bias remains intact. Key nearby support is the 55 day ma at 1.1160 today. Below here the risk remains for a re-visit of the current September lows at 1.1105/1.1088”.

Furthermore, FX Strategist at OCBC Bank Emmanuel Ng suggested “In the interim, with the dollar on a slight defensive, the 200-day MA (1.1164) and the 55-day MA (1.1160) is expected to provide good support while upside resistance levels are seen into 1.1260 before 1.1300. Near term posture is expected to be supported on dips”.

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