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

FXStreet (Edinburgh) - The EUR/USD is back to the mid-1.3300s, retracing yesterday’s spike beyond 1.3410, as markets wait for the final figures of the CPI and the advance results from the GDP in the bloc.

“The EUR-USD ended largely flat after being whip-sawed by softer than expected EZ June industrial production numbers and the subsequent sub-par US retail sales numbers. Ahead of the data risks later today, we continue to sit on a heavy bias for the pair within a 1.3300-1.3450range”, signaled Emmanuel Ng, FX Strategist at OCBC Bank.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, added, “Provided that the rebound is contained by the 3 month downtrend at 1.3467 a downside bias will persist. Currently our intraday Elliott wave counts remain negative and are suggesting that intraday rallies will terminate circa 1.3375”.

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USD/CHF opened the day at 0.9072, ans spent most of the time trading around having spiked up and down, but still at 0.9075 area at the moment.
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