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13 May 2015
What’s in store for EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - EUR/USD remains firm in the mid-1.1200s so far, pending cues from events in Greece and US Retail Sales.
“In the near term, Greek concerns may continue to be eclipsed by sell off in the bunds with our short-term model still angling for further upside in the EUR-USD. In the short term, we look for a support zone around 1.1150 with topside towards 1.1330 likely to cap in the interim”, signalled Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, also noted the pair “appears to be stabilising ahead of initial support, which lies at 1.1052, the 26th March high and while above here, EUR/USD will remain capable of retesting the 1.1392 recent high. We suspect that the correction higher that we have seen since March may have ended, but we need more confirmation”.
“In the near term, Greek concerns may continue to be eclipsed by sell off in the bunds with our short-term model still angling for further upside in the EUR-USD. In the short term, we look for a support zone around 1.1150 with topside towards 1.1330 likely to cap in the interim”, signalled Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, also noted the pair “appears to be stabilising ahead of initial support, which lies at 1.1052, the 26th March high and while above here, EUR/USD will remain capable of retesting the 1.1392 recent high. We suspect that the correction higher that we have seen since March may have ended, but we need more confirmation”.