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EUR/USD forecast: attention to EMU’s CPI – Commerzbank and OCBC

FXStreet (Edinburgh) - EUR/USD has deflated from multi-week tops in the 1.1500 neighbourhood, although it seems to have stabilized around the 1.1380 area so far.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “not only failed at the 1.1440/72 band (May, June and September highs, the 55 week ma and the 2014-2015 downtrend) but formed a bearish reversal day on Thursday. Thursday’s high at 1.1495 is thus considered to be another interim top. It needs to slip below 1.1315 to retarget the 1.1260/45 cloud and the September lows at 1.1105/1.1088”.

Furthermore, FX Strategist at OCBC Bank Emmanuel Ng, added “EZ CPI readings today may prove pivotal although the EUR–USD may continue to smart (note softer bund yields) from Nowotny’s comments on Thursday. Immediate support is expected on approach of 1.1340 before 1.1300. Structurally, we note short-end riskies remain supportive of the common unit”.

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