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

FXStreet (Edinburgh) - The EUR/USD is putting the 1.3200 critical support to the test on Monday, largely ignoring the poor IFO results and following the dovish appreciations from ECB’s Draghi over the weekend.

“To the delight of the ECB, EUR/USD is probing lows since Sep 2013 and seems on track for substantial further decline multi-week/month… The data week ahead should tend mildly negative for EUR/USD but is overshadowed by the early Sep data flurry, so while retaining a downward bias on the week, we suspect new lows will only be marginal, with 1.3105 support to hold”, observed strategists at Westpac Global Strategy Group.

In addition, Senior Technical Analyst at Commerzbank Axel Rudolph commented the pair “has slipped through the 38.2% Fibonacci retracement of the 2012-14 rise and the last week’s August low at 1.3249/42 and thus nears the September 2012 high at 1.3173 while en route to the 1.3105 September low and the psychological 1.3000 region”.

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