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What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank

FXStreet (Edinburgh) - The EUR/USD is now navigating around the mid-1.3000s, coming down from session highs in the 1.3370/75 band.

“Provided that the rebound is contained by the 3 month downtrend at 1.3476 a downside bias will persist. Currently our intraday Elliott wave counts remain negative and are suggesting that intraday rallies will terminate circa 1.3375”, assessed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Emmanuel Ng, FX Strategist at OCBC Bank, added, “Background uncertainty surrounding the Ukraine/Russia situation meanwhile may also limit near term upside potential. At this juncture, our view remains unchanged and the pair 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”.

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