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

By FXstreet.com | Updated July 28, 2014 AAA

FXStreet (Edinburgh) - The EUR/USD is posting meagre gains at the beginning of the week, amidst absence of data in the euro area.



“A negative bias will remain entrenched below the 1.3565 downtrend… A close below the 1.3385 is expected to act as a catalyst on the downside. It is expected to act as a trigger for a slide to the 1.3295November 2013 low en route to 1.3020/00, the 50% retracement of the move up from the 1.2042/July 2012 low”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.



In addition, analysts at Westpac Global Strategy Group commented, “Probably the only real obstacle to ongoing euro weakness is the widespread ownership of the bearish euro theme. This week’s data is unlikely to fundamentally alter the picture of a Eurozone economy that has lost some recovery momentum. The latest balance of payments data (May) points to yet further underlying deterioration in what was a strong net capital inflow story. Any EUR/USD push back towards 1.35 should be met with heavy selling”.



You May Also Like

Related Forex Analysis
  1. Forex News

    Forex Top movers: Euro is the leader, but losing steam; USD/RUB extends decline

  2. Forex News

    Emerging market currencies stabilizing – BBH

  3. Forex News

    Dollar Likely to Hit New Highs, but Caution Advised For key Reasons

  4. Forex News

    EUR/USD trades uneventful, near its daily high of 1.2272 – FXStreet

  5. Forex News

    EUR/USD rebota en 1.2250 y vuelve a 1.2270

Trading Center