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EUR/USD forecast: waiting for catalysts – Commerzbank and OCBC

FXStreet (Edinburgh) - EUR/USD remains in its comfort zone in the low-1.0600s so far, while thin trade conditions and flat volatility persist in the global markets.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “charted an inside day following the aggressive down day seen on Wednesday. The daily RSI has diverged. This nonconfirmation of the down move continues to worry us as we approach major supports, namely the 1.0560/20, the 2000-15 support line and April low and also the 1.0457 March low, where we would expect to see some profit taking”.

Furthermore, FX Strategist at OCBC Bank Emmanuel Ng commented “With the ECB meeting looming next week and the EZ curve under pressure, the EUR-USD may be expected to remain top heavy with the November EZ confidence indicators not expected to make much of a dent in dollar in the event of an upside surprise. As noted previously, expect the pair to continue to remain top heavy while contemplating the 1.0600 floor ahead of 1.0500 and 1.0450”.

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