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Forex pairs in this Article » EUR/USD (Edinburgh) - The bullish momentum around the EUR/USD seems to be taking a breather at the beginning of the week, with the pair now surrendering part of the recent gains and trading lower in the 1.3515/10 area.

According to Westpac Global Strategy Group, “EUR remains a sell on rallies, weighed by the ongoing ECB discussion over its easing options, given admitted downside risks to growth. Potential upside surprises in US data, while not in our view a game changer for the Fed, will encourage fresh EUR/USD shorts. Price action should be muted either side of US Thanksgiving but multi-day/week we see scope for a test of 1.3200/20”.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “the market has not done enough to shake off the negative vibe given by the key day reversal charted on Wednesday. As a consequence the recent high at 1.3584 is still viewed as an intermediate peak. We look for the 1.3295/94 zone to be retested”.
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