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What lies ahead of the EUR/USD? – Commerzbank and OCBC Bank

FXStreet (Edinburgh) - The EUR/USD is meandering around the 1.3400 handle at the beginning of the week, against the backdrop of scarce data and thin trade.

“EUR prospects may continue to be dictated by a huge plateful of EZ data points this week (GDP numbers on Thursday) and headline risks are expected to be fairly significant. As such, the EUR-USD may remain hesitant on the upside with an interim cap expected at 1.3455 while 1.3300/30 may remain within reach pending news developments”, noted Emmanuel Ng, FX Strategist at OCBC Bank.

After the upside attempt seen last week, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “We noted the divergence of the RSI and the hammer on the candlestick chart – both suggested that we would see a near term rebound. Provided that the rebound is contained by the 3 month downtrend at 1.3490 this will have no impact whatsoever on the bearish chart”.

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