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29 Jul 2015
EUR/USD forecast: attention to the FOMC – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is attempting a consolidative pattern around the 1.1050 area ahead of the critical FOMC meeting due later.
Key Quotes
“EUR-USD may continue to base build off 1.1050 while awaiting the FOMC late in the global day with the pair looking increasingly neutral on a multi-session horizon. Initial resistance is expected towards the 55-day MA (1.1119) while 1.1000 should cushion on dips”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted spot “has seen minor slippage and for now continues to hold upside scope to recover slightly in the range. Initial resistance 1.1124/29 (Fibo) and 1.1200/16 , the 10th July high and there is scope for 1.1340 but we again look for the market to fail at the top of the range at 1.1440/60. It is range bound within the limits of 1.08-1.15, and the longer term outlook remains negative”.
Key Quotes
“EUR-USD may continue to base build off 1.1050 while awaiting the FOMC late in the global day with the pair looking increasingly neutral on a multi-session horizon. Initial resistance is expected towards the 55-day MA (1.1119) while 1.1000 should cushion on dips”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted spot “has seen minor slippage and for now continues to hold upside scope to recover slightly in the range. Initial resistance 1.1124/29 (Fibo) and 1.1200/16 , the 10th July high and there is scope for 1.1340 but we again look for the market to fail at the top of the range at 1.1440/60. It is range bound within the limits of 1.08-1.15, and the longer term outlook remains negative”.