15 Jun 2015
EUR/USD forecast: What’s the sentiment today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - After the failed negotiations on a Greece-EU deal over the weekend, EUR/USD is looking to keep the trade above the 1.1200 handle.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “continues to struggle at the 1.1380/87 resistance (4th June high) – and our outlook remains neutral to negative. The near term risk still remains for failure and a slide to the 1.1052 pivot then the 1.0845/19”.
Furthermore, “Nervousness towards the EUR may heighten multi-session pending further news flow surrounding Greece while markets may continue to digest recent dovish comments from German Chancellor Merkel. On the CFTC front, net leveraged EUR shorts decreased in the latest week but ongoing uncertainty with respect to the Greek situation (media articles already broaching the topic of a technical default) may see the pair contemplating a sustained break below 1.1200 towards the 100-day MA (1.1062)”, argued Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “continues to struggle at the 1.1380/87 resistance (4th June high) – and our outlook remains neutral to negative. The near term risk still remains for failure and a slide to the 1.1052 pivot then the 1.0845/19”.
Furthermore, “Nervousness towards the EUR may heighten multi-session pending further news flow surrounding Greece while markets may continue to digest recent dovish comments from German Chancellor Merkel. On the CFTC front, net leveraged EUR shorts decreased in the latest week but ongoing uncertainty with respect to the Greek situation (media articles already broaching the topic of a technical default) may see the pair contemplating a sustained break below 1.1200 towards the 100-day MA (1.1062)”, argued Emmanuel Ng, FX Strategist at OCBC Bank.