What’s the sentiment around the EUR/USD today? – Commerzbank and Danske Bank

By FXstreet.com | Updated August 04, 2014 AAA

FXStreet (Edinburgh) - The EUR/USD remains in a consolidative pattern around 1.3430/25, amidst thin trade and lack of significant catalysts in the region.



“We saw the start of a corrective rebound on Friday and we look for this to extend towards the 1.3510/27 zone, which is the 23.6% retracement and the 3 month downtrend… Only above 1.3527 would delay our immediate negative outlook for a deeper retracement to 1.3550 and possibly 1.3680/1.3700, while capped here a negative bias remain intact”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.



According to Arne Rasmussen, Chief Analyst at Danske Bank, “For EUR/USD the main event this week will be the ECB meeting on Thursday, although it is unlikely to bring any news with the implementation of the TLTRO only one month away. If anything, a dovish tone from President Mario Draghi at the following press conference will weigh on EUR/USD. We target EUR/USD at 1.33 in 3M, 1.30 in 6M and 1.26 in 12M”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    April Forex Seasonality Foresees Weakest Month of Year for USD

  2. Forex News

    NFP Expectations for April

  3. Forex News

    EUR/USD back to 1.0770

  4. Forex News

    EUR/USD Continues to Carve Lower-Highs; 1.0710 Near-Term Support

  5. Forex News

    EUR mixed outlook in the short term – Scotiabank

Trading Center