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EUR/USD forecast: focus on US retail sales – Commerzbank and Scotiabank

FXStreet (Edinburgh) - EUR/USD remains in the vicinity of 1.1400 the figure during the first half of the week, ahead of key releases in the US docket.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “is capable of extending gains near term into the much tougher resistance offered by the 1.1440/68 band, where the May, June and September highs were made. Above here lies the 55 week ma at 1.1472 and the 2014-2015 downtrend at 1.1468, we would ideally expect this to hold the topside and provoke failure”.

Furthermore, Chief FX Strategist at Scotiabank Shaun Osborne added “after the overnight run up to 1.1410, overnight price action looks soft. In fact, we would venture that the intraday peak for the EUR is now “in” for the day and that the market is liable to pressure supports in the low/mid 1.13 range over the next few hours. Look to fade EUR rallies intraday”.

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