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EUR/USD forecast: Draghi accelerates the decline – Commerzbank and Danske Bank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/USD has faded the spike to the mid-1.07s recorded yesterday, although it has found decent support around 1.0660 in the European morning.

    Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “is correcting higher, the markets recent low of 1.0630 has not be confirmed by the daily RSI and this has diverged to imply a loss of downside momentum. The market will find initial resistance offered by the 1.0749 accelerated downtrend. Key resistance remains the 1.1328 2014 -2015 downtrend and while capped here the market will remain under pressure”.

    In addition, Analyst Mikael Milhoj at Danske Bank suggested “The USD weakened broadly on Thursday with no real news out. This underlines the degree of long USD positioning in accordance with the IMM positioning data, which show that the market is particularly very short the EUR and AUD”.
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