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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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Prashant Newnaha, Rates Strategist at TD Securities, notes that the release of NZD service sector data and Chinese GDP numbers has given markets something to cheer about as both the data pointed to strong figures.
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WTI capped below $ 48 on mixed China data

WTI oil snaps a 2-day rally and falls back in the red on Monday, as mixed Chinese macro data and persisting oversupply worries weighed on investors’ sentiment.
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