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EUR/USD forecast: attention to Draghi, Eurogroup – Commerzbank and OCBC

FXStreet (Edinburgh) - EUR/USD is extending its overnight consolidative pattern on Tuesday, testing the 1.1180 area ahead of M.Draghi’s speech.

In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s “topside remains capped by the 6 week resistance line at 1.1300 today and for now our negative bias remains intact. Key nearby support is the 55 day ma at 1.1163 today. Below here the risk remains for a re-visit of the current September lows at 1.1105/1.1088”.

Emmanuel Ng, FX Strategist at OCBC Bank, added “EZ Sep services and composite PMIs underperformed prior market expectations with the EUR-USD also relinquishing most of its NFPinspired gains. In the near term, support at the 200-day MA (1.1159) may continue to support amidst short term range-bound behavior. Investors may continue to fade short term up-ticks”.

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The weak German factory orders data figure strengthened the offered tone around EUR/JPY and pushed it lower to its 5-DMA located at 134.43.
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