Back
21 May 2015
What’s the sentiment around EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD remains in the 1.1100 neighbourhood following the neutral tone from FOMC minutes on Wednesday, ahead of today’s PMIs results.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has sold off towards the key short term support offered by 1.1052, the 26th March high and the 1.1050 support line. A close below here is needed to negate upside pressure and focus attention on the downside”.
Furthermore, analysts at UOB Group added, “The 1.1100 target indicated yesterday was exceeded with a low of 1.1061. While downward momentum is slowing down, it is too early expect a substantial rebound. Allow for a rebound to 1.1130 but 1.1165 is expected to cap for a move to the major support at 1.1050 (where a stronger rebound can be expected)”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has sold off towards the key short term support offered by 1.1052, the 26th March high and the 1.1050 support line. A close below here is needed to negate upside pressure and focus attention on the downside”.
Furthermore, analysts at UOB Group added, “The 1.1100 target indicated yesterday was exceeded with a low of 1.1061. While downward momentum is slowing down, it is too early expect a substantial rebound. Allow for a rebound to 1.1130 but 1.1165 is expected to cap for a move to the major support at 1.1050 (where a stronger rebound can be expected)”.