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21 Feb 2014
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The shared currency is extending the consolidation pattern that prevailed overnight, with the EUR/USD gyrating around the 1.3700 handle amidst no data releases in the euro area and scarce volatility.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “eased back to the near term support line, which lies at 1.3703 today, while this holds the market remains slightly bid, however we continue to view the upside as limited”.
In addition, Strategist Emmanuel Ng at OCBC Bank, added the EUR/USD “may trade on a slightly heavier tone following price action with the pair expected to be bounded by the 55-day MA (1.3661) and the 1.3790 up top. The latest EZ economic readings remain sketchy and may well discourage undue optimism on the upside in the near term”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “eased back to the near term support line, which lies at 1.3703 today, while this holds the market remains slightly bid, however we continue to view the upside as limited”.
In addition, Strategist Emmanuel Ng at OCBC Bank, added the EUR/USD “may trade on a slightly heavier tone following price action with the pair expected to be bounded by the 55-day MA (1.3661) and the 1.3790 up top. The latest EZ economic readings remain sketchy and may well discourage undue optimism on the upside in the near term”.