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16 Jul 2015
EUR/USD forecast: focus is now on the ECB – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - Despite the positive vote in the Greek parliament, the offered tone persists around EUR/USD ahead of the ECB meeting and Draghi’s presser due later today.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “is attempting to erode the bottom of the range at 1.0916, we can see that it is weighing on the downside but at present seems to lack the momentum to break down, we note the 13 count on the 60 minute chart (this also suggests a reluctance to break down presently. We would adopt a sell the rally mentality as our bias is neutral to negative within the 1.15-1.08 broader band”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank commented “Expect sentiment towards the common currency to remain slightly nervous despite the successful Greek parliamentary vote late Wednesday. With the violation of 1.1000, the tone for the pair is expected to remain heavy and downside waypoints are expected into 1.0915 before 1.0850”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “is attempting to erode the bottom of the range at 1.0916, we can see that it is weighing on the downside but at present seems to lack the momentum to break down, we note the 13 count on the 60 minute chart (this also suggests a reluctance to break down presently. We would adopt a sell the rally mentality as our bias is neutral to negative within the 1.15-1.08 broader band”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank commented “Expect sentiment towards the common currency to remain slightly nervous despite the successful Greek parliamentary vote late Wednesday. With the violation of 1.1000, the tone for the pair is expected to remain heavy and downside waypoints are expected into 1.0915 before 1.0850”.