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

FXStreet (Edinburgh) - The EUR/USD is staging some sort of recovery from yesterday’s multi-month lows near 1.3250, ahead of the key Jackson Hole Symposium.

“In the run-up to Yellen and Draghi later today, market skepticism towards any rebound beyond 1.3330 is expected to mount while 1.3230 may continue to attract. As noted previously, any hawkish hints out of the Fed are likely to be juxtaposed against the ECB’s ongoing dovishness and this may continue to weigh on the pair”, noted Emmanuel Ng, FX Strategist at OCBC Bank.

Axel Rudolph, Senior Technical Analyst at Commerzbank, observed the pair “probed the 38.2% Fibonacci retracement of the 2012-14 rise at 1.3249 and briefly made a new August low at 1.3242 before stabilising on Thursday. A minor bounce is thus likely to be seen… Minor resistance comes in around 1.3333/36 and more important resistance along the three month downtrend line at 1.3422”.

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