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10 Feb 2014
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and Westpac
FXStreet (Edinburgh) - The shared currency is consolidating its recent bull run above the 1.3600 handle following the upbeat result from the Sentix index and January’s disappointing Payrolls figures.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “last week rallied to and failed at its near term resistance line at 1.3651 to leave our neutral to negative bias intact. The intraday Elliott wave count is giving contrary signals, but in order to reassert downside pressure a close below the 55-month support at 1.3473 is needed”.
In addition, Strategist Emmanuel Ng at OCBC Bank observed: “We expect the EUR/USD to meet resistance at the 55-day ma (1.3647) and then at 1.3665 and any failure to breach higher may tempt a slide back towards 1.3600 before 1.3550. In the interim, we would prefer to fade near term upticks”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “last week rallied to and failed at its near term resistance line at 1.3651 to leave our neutral to negative bias intact. The intraday Elliott wave count is giving contrary signals, but in order to reassert downside pressure a close below the 55-month support at 1.3473 is needed”.
In addition, Strategist Emmanuel Ng at OCBC Bank observed: “We expect the EUR/USD to meet resistance at the 55-day ma (1.3647) and then at 1.3665 and any failure to breach higher may tempt a slide back towards 1.3600 before 1.3550. In the interim, we would prefer to fade near term upticks”.