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

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - The buying interest has now propelled the EUR/USD to session highs just above 1.3640 amidst a context favourable to the risk appetite.



“The ECB’s Draghi is scheduled to speak today while the EUR-USD is still expected to be stuck on neutral around the 1.3600 neighborhood. The 200-day MA up top (1.3678) remains unthreatened while 1.3575 may support on near term dips. On the CFTC front, leveraged EUR shorts increased in the latest week with ECB rhetoric still sufficiently dovish”, observed Emmanuel Ng, FX Strategist at OCBC Bank.



Axel Rudolph, Senior Technical Analyst at Commerzbank, added, “Only above 1.3701 will alleviate immediate downside pressure for a deeper retracement to 1.3807 (61.8% retracement)”.



“We will attempt to trade from the short side while below here”.



“Our longer term view remains bearish”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Investing

    EUR/USD Falls During Wednesday Trading

  2. Forex News

    EUR/USD hovers around 1.1300, German labour report in focus

  3. Forex News

    EUR/USD failure to break above 1.1320/15 – DayTradeIdeas

  4. Forex News

    EUR/USD steadies below 1.1300 post FOMC, German CPI eyed

  5. Forex News

    Euro May Overlook Soft German CPI Data, Swiss Franc Under Fire

Trading Center