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5 Mar 2014
Flash: What lies ahead of the EUR/USD? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is testing the lower band of today’s range so far, hovering over the 1.3730/25 region ahead of final services PMI prints in the euro area.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Below 1.3675 will trigger losses initially to the 1.3537 support line, which in turn guards the 1.3436 February low… Intraday rallies are indicated to terminate at 1.3745. Above 1.3824 lies the 1.3894 2013 high and the 1.3960/50% retracement of the sell off from the 2008 peak”.
Emmanuel Ng, Strategist at OCBC Bank, suggested, “Look towards EZ services and composite PMIs as well as 4Q GDP numbers today for further cues ahead of the ECB meeting tomorrow. In the interim, our view remains unchanged and we would be better buyers within a 1.3660-1.3810 range”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Below 1.3675 will trigger losses initially to the 1.3537 support line, which in turn guards the 1.3436 February low… Intraday rallies are indicated to terminate at 1.3745. Above 1.3824 lies the 1.3894 2013 high and the 1.3960/50% retracement of the sell off from the 2008 peak”.
Emmanuel Ng, Strategist at OCBC Bank, suggested, “Look towards EZ services and composite PMIs as well as 4Q GDP numbers today for further cues ahead of the ECB meeting tomorrow. In the interim, our view remains unchanged and we would be better buyers within a 1.3660-1.3810 range”.