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14 Apr 2015
What’s the sentiment around EUR/USD today? – Commerzbank and UOB
FXStreet (Edinburgh) - EUR/USD remains depressed in the mid-1.0500s so far, extending the offered tone from Monday’s session.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Below 1.0500 we look for losses to the 1.0457 March low en route to the 1.0080 level and also the 1.0000/.9900 zone as well as .9610, the 61.8% Fibonacci retracement of the move up from 1985”.
In addition, analysts at UOB Group suggested “EUR dipped below the strong support at 1.0550 to touch a low of 1.0519. The subsequent rebound from the low is likely part of a consolidation/correction phase (before further EUR weakness can be expected at a later stage). For today, allow for a dip to 1.0525/30 but 1.0495 is expected to hold for a move to 1.0600”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Below 1.0500 we look for losses to the 1.0457 March low en route to the 1.0080 level and also the 1.0000/.9900 zone as well as .9610, the 61.8% Fibonacci retracement of the move up from 1985”.
In addition, analysts at UOB Group suggested “EUR dipped below the strong support at 1.0550 to touch a low of 1.0519. The subsequent rebound from the low is likely part of a consolidation/correction phase (before further EUR weakness can be expected at a later stage). For today, allow for a dip to 1.0525/30 but 1.0495 is expected to hold for a move to 1.0600”.