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4 Feb 2015
What’s the sentiment around EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The pair is back below the 1.1500 handle, cashing up part of yesterday’s gains and focused on euro area PMIs and events from the Greek front.
“Look for the EUR-USD to continue to contemplate the 1.1500 ceiling ahead of the EZ/US PMIs later today while Greek related news flow may also continue to dominate. On the downside, the 114.00 floor may support on initial dips”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “has eroded its downtrend and this has alleviated immediate downside pressure”… The Elliott wave count on the daily is pointing to a potential 1.1703/86 correction (double Fibonacci retracement) and even 1.2085”.
“Look for the EUR-USD to continue to contemplate the 1.1500 ceiling ahead of the EZ/US PMIs later today while Greek related news flow may also continue to dominate. On the downside, the 114.00 floor may support on initial dips”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “has eroded its downtrend and this has alleviated immediate downside pressure”… The Elliott wave count on the daily is pointing to a potential 1.1703/86 correction (double Fibonacci retracement) and even 1.2085”.