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6 Aug 2015
EUR/USD forecast: focus on US data – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The single currency is looking to consolidate the recent break above the 1.0900 barrier vs. the US dollar, ahead of the US labour market figures due later.
In the view of Axel Rudolph, Senior Technical Analyst at Commerzbank, “Minor resistance is found 1.0963/1.1000 ahead of 1.1129, the late July high. While it caps, we will retain a negative bias. Above it lies the 1.1216 July high. Medium term we continue to look for EUR/USD to remain capped by the May and June highs at 1.1440/68”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng argued “Despite firmer UST/bund yields overnight, resultant rate differential movements have continued to favor the dollar in the month to date, especially with the imbalance of news flow centered on the US front at this juncture. In the interim, we look for sustained top heaviness in the EURUSD within a 1.0800-1.1000 range”.
In the view of Axel Rudolph, Senior Technical Analyst at Commerzbank, “Minor resistance is found 1.0963/1.1000 ahead of 1.1129, the late July high. While it caps, we will retain a negative bias. Above it lies the 1.1216 July high. Medium term we continue to look for EUR/USD to remain capped by the May and June highs at 1.1440/68”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng argued “Despite firmer UST/bund yields overnight, resultant rate differential movements have continued to favor the dollar in the month to date, especially with the imbalance of news flow centered on the US front at this juncture. In the interim, we look for sustained top heaviness in the EURUSD within a 1.0800-1.1000 range”.