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5 May 2015
What’s the sentiment around EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD remains in the low-1.1100s so far, with Greece and USD-dynamics as the main drivers of the price action.
“The pair may remain mired (if not slightly supported) in a range with 1.1050 expected to support if 1.1100 is violated while 1.1200 now serves as a near term resistance”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “Various Elliott wave counts are suggesting that the current May peak at 1.1290 is the end of the correction. Should a break above 1.1290 be seen, though, we would allow for a deeper upward retracement to the key resistance of the 1.1513/34 February high and 50% retracement”.
“The pair may remain mired (if not slightly supported) in a range with 1.1050 expected to support if 1.1100 is violated while 1.1200 now serves as a near term resistance”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “Various Elliott wave counts are suggesting that the current May peak at 1.1290 is the end of the correction. Should a break above 1.1290 be seen, though, we would allow for a deeper upward retracement to the key resistance of the 1.1513/34 February high and 50% retracement”.