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16 May 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD trades in a very narrow range on Friday, following the generalized consolidative mood in the FX markets, looking to extend its recent correction above the 1.3700 mark.
Axel Rudolph, Senior Technical Analyst at Commerzbank, noted, “Short term rallies are expected to find resistance between the 1.3740 January high and the 1.3770 late April low. Further resistance comes in along the breached support line, now resistance line, at 1.3811”.
Furthermore, FX Strategist at OCBC Bank Emmanuel Ng added “the pair may continue to contemplate a sustained break of the 1.3700 floor (1.3685 thereafter) pending further cues with 1.3750 likely to cap”.
Axel Rudolph, Senior Technical Analyst at Commerzbank, noted, “Short term rallies are expected to find resistance between the 1.3740 January high and the 1.3770 late April low. Further resistance comes in along the breached support line, now resistance line, at 1.3811”.
Furthermore, FX Strategist at OCBC Bank Emmanuel Ng added “the pair may continue to contemplate a sustained break of the 1.3700 floor (1.3685 thereafter) pending further cues with 1.3750 likely to cap”.