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11 May 2015
What’s in store for EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - EUR/USD is extending its recent decline, now testing session lows in the mid-1.1100 pending cues from the Eurogroup meeting.
“The key focus will however continue to center around Greece with the Eurogroup meeting of EZ finance ministers today expected to yield little in the way of a breakthrough between Greece and its lenders. On the CFTC front, leverage EUR shorts were pared for the 6th consecutive week with positioning as a percentage of net open interest also continuing to moderate from previously overstretched levels. Intra-day, the pair may hinge around the 1.1200 vicinity pending Greek-related headlines due later today”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “reached a high of 1.1392, which was not confirmed by the daily RSI. This together with the TD perfected set up on the daily chart both point to a near term setback. Support is offered by at 1.1052 26th March high and while above here, EUR/USD will remain capable of recovery”.
“The key focus will however continue to center around Greece with the Eurogroup meeting of EZ finance ministers today expected to yield little in the way of a breakthrough between Greece and its lenders. On the CFTC front, leverage EUR shorts were pared for the 6th consecutive week with positioning as a percentage of net open interest also continuing to moderate from previously overstretched levels. Intra-day, the pair may hinge around the 1.1200 vicinity pending Greek-related headlines due later today”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “reached a high of 1.1392, which was not confirmed by the daily RSI. This together with the TD perfected set up on the daily chart both point to a near term setback. Support is offered by at 1.1052 26th March high and while above here, EUR/USD will remain capable of recovery”.