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EUR/USD forecast: look to risk trends – Commerzbank and OCBC

FXStreet (Edinburgh) - EUR/USD has started the week on the right footing, hovering over session tops near 1.1380 amidst empty docket in the euro region.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “failed last week at the 1.1440/72 band (May, June and September highs, the 55 week ma and the 2014-2015 downtrend) but needs to slip below 1.1330 to retarget the 1.1260/51 cloud and the September lows at 1.1105/1.1088”.

Furthermore, FX Strategist at OCBC Bank Emmanuel Ng added “EUR-USD essentially ended flat on the week on Friday while all eyes are expected to be on the ECB’s Draghi this week when the ECB council convenes for its policy meeting. On the CFTC front, net leveraged EUR shorts were pared in the latest week with markets likely to consolidate on dips towards 1.1300 pending further cues out of the Fed/ECB”.

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