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”.