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15 Apr 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - After yesterday’s upside just above the 1.0700 handle, EUR/USD has now returned to the 1.0630/40 band ahead of the ECB decision.
Emmanuel Ng, FX Strategist at OCBC Bank, noted “Amid softer bund yields, the ECB rate decision (1145 GMT), and the IMF’s cautionary comments regarding the Greek situation may continue to temper excessive EUR-USD top side at this juncture. In the meantime, expect the EUR-USD to remain in a heavy range, bordered by 1.0520 and 1.0730”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “Intraday rallies are likely to remain curtailed by the 1.0713/1.0900 band and the intraday Elliott wave count remains negative so we are going to resell the market. Only an unexpected daily chart close above the 1.1098 would change our view to a short term bullish one and neutralise our medium term outlook”.
Emmanuel Ng, FX Strategist at OCBC Bank, noted “Amid softer bund yields, the ECB rate decision (1145 GMT), and the IMF’s cautionary comments regarding the Greek situation may continue to temper excessive EUR-USD top side at this juncture. In the meantime, expect the EUR-USD to remain in a heavy range, bordered by 1.0520 and 1.0730”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “Intraday rallies are likely to remain curtailed by the 1.0713/1.0900 band and the intraday Elliott wave count remains negative so we are going to resell the market. Only an unexpected daily chart close above the 1.1098 would change our view to a short term bullish one and neutralise our medium term outlook”.