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31 Mar 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is extending its selling mood during the first half of the week, currently hovering around 1.0790/80.
“According to reports, Greece and the Eurogroup are due to continue discussions on Wednesday and this is likely to continue to keep the EUR in the shade. Look to March EZ CPI readings today for immediate cues with the pair expected to be flat to heavy in the interim with the 1.0800 support increasingly under threat in the current environment”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Axel Rudolph, Senior Technical Analyst at Commerzbank, argued “Should a daily chart close above the 1.1098 level be made, we would change our view to a short term bullish one and neutralise our medium term outlook. In this case a rise back towards the 55 day moving average at 1.1167 and the February high at 1.1534 would be back in the cards”.
“According to reports, Greece and the Eurogroup are due to continue discussions on Wednesday and this is likely to continue to keep the EUR in the shade. Look to March EZ CPI readings today for immediate cues with the pair expected to be flat to heavy in the interim with the 1.0800 support increasingly under threat in the current environment”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Axel Rudolph, Senior Technical Analyst at Commerzbank, argued “Should a daily chart close above the 1.1098 level be made, we would change our view to a short term bullish one and neutralise our medium term outlook. In this case a rise back towards the 55 day moving average at 1.1167 and the February high at 1.1534 would be back in the cards”.