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13 Mar 2014
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD remains well bid on Thursday, hovering over fresh 2014 highs around 1.3940/45 amidst positive risk appetite trends.
In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, “The market thus stays bid and will remain so while above the 1.3750 short term support line. Support above it comes in between this week’s low at 1.3834 and the February high at 1.3826… A daily chart close above 1.4000 would be a huge change in sentiment for the Euro and lead to the 78.6% Fibonacci retracement of the move down from 2011 at 1.4320 being targeted”.
“The EUR-USD also received an additional boost on Wednesday after the German Finance Minister noted that EZ rates are too low from a German perspective. Expect some consolidative price action around the 1.3900 area in the near term with multi-session resistance expected only towards 1.4000”, noted Emmanuel Ng, Strategist at OCBC Bank.
In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, “The market thus stays bid and will remain so while above the 1.3750 short term support line. Support above it comes in between this week’s low at 1.3834 and the February high at 1.3826… A daily chart close above 1.4000 would be a huge change in sentiment for the Euro and lead to the 78.6% Fibonacci retracement of the move down from 2011 at 1.4320 being targeted”.
“The EUR-USD also received an additional boost on Wednesday after the German Finance Minister noted that EZ rates are too low from a German perspective. Expect some consolidative price action around the 1.3900 area in the near term with multi-session resistance expected only towards 1.4000”, noted Emmanuel Ng, Strategist at OCBC Bank.