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EUR/USD forecast: life post-Payrolls – Commerzbank and Danske Bank

FXStreet (Edinburgh) - While the greenback seems to be taking a breather today, EUR/USD is looking to recover some ground following the sharp retracement on Friday to the 1.0700 area.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “last week took out the May and July lows at 1.0819/08 with some force. This has opened the way for further losses to the 1.0520, the April low and the 1.0457 March low. The intraday Elliott wave is suggesting we may see some near term consolidation ahead of further losses”.

In addition, Senior Analyst at Danske Bank Morten Helt, suggested “We now expect the Fed to deliver a 25bp rate hike at the December meeting and over the coming month we expect relative interest rates to drive the final leg of USD strength. This could lead to a test of the multi-year EUR/USD low at 1.0458”.

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