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24 Feb 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD keeps the trade within the recent range pending news from the Greece and Draghi’s speech as the main risk event today.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “is under pressure in its range but has yet to break below the 1.1262 29th January low. This is regarded as the break down point to the 1.1098 recent low. Currently the market is within the 1.1262- 1.1534 range and has a near term resistance line at 1.1429”.
FX Strategist at OCBC Bank Emmanuel Ng added “The softer than expected German February Ifo numbers also did no favors for the EUR-USD on Monday while going ahead, expect the interplay of Greek headlines and Yellen’s testimony to impart potential volatility to the common currency. We remain benched with regards to the pair’s near term directionality within a 1.1300-1.1500 range”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “is under pressure in its range but has yet to break below the 1.1262 29th January low. This is regarded as the break down point to the 1.1098 recent low. Currently the market is within the 1.1262- 1.1534 range and has a near term resistance line at 1.1429”.
FX Strategist at OCBC Bank Emmanuel Ng added “The softer than expected German February Ifo numbers also did no favors for the EUR-USD on Monday while going ahead, expect the interplay of Greek headlines and Yellen’s testimony to impart potential volatility to the common currency. We remain benched with regards to the pair’s near term directionality within a 1.1300-1.1500 range”.