EUR/USD forecast: ECB and Eurogroup in focus – Commerzbank and UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/USD is testing the mid-1.0800s after another rejection from the 1.0900 handle during overnight trade, all amidst increasing risk-appetite early in Europe.

    In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “scope remains for a probe into tougher resistance at 1.10/1.1060 – recent highs and the 200 day ma and these should act as an effective near term ceiling. Key resistance remains the 1.1062/91 2014-2016 downtrend and 55 week ma and we view the market as bearish while capped here. Our target remains the 1.0523 recent low. The intraday Elliott wave counts are more positive and upside risks have increased near term”.

    The research team at UOB Group noted “As pointed out yesterday, the recent high of 1.0968 could be the extent of the corrective rebound. While downward momentum is picking up again, EUR has to break clearly below 1.0750 to indicate the start of a fresh down-leg. In the meanwhile, we prefer to hold a neutral view”.
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