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

FXStreet (Edinburgh) - The EUR/USD is now looking to consolidate below the key 1.3400 handle against a backdrop of thin trade due to the Assumption Day holiday in most Euroland.

In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s “daily RSI has now turned higher and the market after repeatedly testing the 1.3333/38 supports has lost downside momentum. The near term risk is for a corrective rebound near term towards the 3 month downtrend at 1.3459.”

Emmanuel Ng, FX Strategist at OCBC Bank, added, “The EUR-USD broke above 1.3400 briefly once more for the second consecutive session but failed to stay afloat again, relapsing to end essentially flat on the day. Our view remains unaltered and we favor a heavy posture within a 1.3300-1.3450 range with the latest data points expected to continue to exert down force on the pair”.

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