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EUR/USD forecast: it’s all about the ECB – OCBC and Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The euro is trading on a softer tone vs. the greenback today, taking EUR/USD to the 1.1330 area ahead of the European open and the ECB meeting.

    “The ECB meeting and Draghi’s subsequent press conference will likely dictate the path for the common currency into the end of the week. Barring excessively dovish signals from Draghi, we think market participants may attempt to accumulate on approach of 1.1300”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.

    Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted spot “held sideways yesterday and having recently failed last week at the 1.1440/72 band (May, June and September highs, the 55 week ma and the 2014-2015 downtrend) and we will maintain a negative bias. We look for losses to the 55 day ma at 1.1248 and the September lows at 1.1105/1.1088”.
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