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EUR/USD door open for a test of 1.06 – OCBC

FXStreet (Edinburgh) - According to FX Strategist at OBCB Bank Emmanuel Ng, further decline is expected in the pair, opening the door to a potential test of 1.0600.

Key Quotes

“EZ data releases on Friday presented little in the way of positive surprises (disappointing 3Q GDP) and may strengthen expectations for further QE out of the ECB”.

“In the near term, market caution towards the common currency is also expected to prevail in the wake of the Paris attacks”.

“Look towards ECB rhetoric this week for further cues, with Constancio and Draghi scheduled to appear on Monday”.

“On the CFTC front, net leveraged EUR shorts increased significantly in the latest week and we expect the pair to continue to push the envelope on the downside in the near term towards1.0600 in the current environment”.

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