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2 Jun 2015
What’s the sentiment around EUR/USD? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD has started the European session on the right footing on Tuesday, ahead of the key preliminary inflation figures in the euro area due later.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “very near term consolidation is ongoing following last weeks move to its initial target of the 1.0843 61.8% Fibo (of the move up since March). Rallies are indicated to terminate circa 1.1050 and are expected to remain capped by 1.1208, the high from the 22nd May”.
Analysts at UOB Group also added “EUR traded in a choppy manner yesterday, swinging from a low of 1.0890 to 1.0980 before dropping back to touch a low of 1.0885/90 again. The outlook from here is mixed and range trading is still likely. Expected range; 1.0870/1.0890”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “very near term consolidation is ongoing following last weeks move to its initial target of the 1.0843 61.8% Fibo (of the move up since March). Rallies are indicated to terminate circa 1.1050 and are expected to remain capped by 1.1208, the high from the 22nd May”.
Analysts at UOB Group also added “EUR traded in a choppy manner yesterday, swinging from a low of 1.0890 to 1.0980 before dropping back to touch a low of 1.0885/90 again. The outlook from here is mixed and range trading is still likely. Expected range; 1.0870/1.0890”.