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5 Aug 2014
What’s the sentiment around the EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The EUR/USD is testing the 1.3400 key support on Tuesday following mixed results from the Services PMI in the euro area.
“Multi-session, the 1.3400 support may continue to be viewed as a potential junction pending the ECB this week while markets may fade any uptick towards 1.3475 at this juncture”, signaled Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “The market recently failed to close below the base of its monthly cloud (this is now located at 1.3338) and we look for this correction higher to extend towards the 1.3510/20 zone, which is the 23.6% retracement and the 3 month downtrend”.
“Multi-session, the 1.3400 support may continue to be viewed as a potential junction pending the ECB this week while markets may fade any uptick towards 1.3475 at this juncture”, signaled Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “The market recently failed to close below the base of its monthly cloud (this is now located at 1.3338) and we look for this correction higher to extend towards the 1.3510/20 zone, which is the 23.6% retracement and the 3 month downtrend”.