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EUR/USD forecast: risk trends prevail – Commerzbank and Danske Bank

FXStreet (Edinburgh) - EUR/USD is looking to consolidate the recent up move to the 1.1260/80 area following the renewed offered tone around the greenback.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair’s “topside remains capped by the 6 week resistance line at 1.1285 today and for now our negative bias remains intact. Key nearby support is the 55 day ma at 1.1171 today”.

In addition, Senior Analyst at Danske Bank Christin Tuxen noted spot “should now start to take its cue from relative rates moving in favour of the dollar ahead of a first Fed hike. This follows as we stress that while the upcoming Fed hiking cycle will be shallow in a historical context, the market is not prepared for an autumn rate rise currently. We now see the cross at 1.08 in 1M”.

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