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26 Feb 2015
What’s in store for EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - EUR/USD is trading flat around 1.1360 on Thursday, looking for any catalyst to break the recent dullness in either direction.
Emmanuel Ng, FX Strategist at OCBC Bank, commented, “Despite broad dollar vulnerability, note that the EUR-USD’s ascent on Wednesday remained relatively measured. Apart from ongoing Greek headlines, the slew of Feb sentiment indices today may also provide further impetus. We stay supported on the pair in the interim within a 1.1300-1.1500 range”.
“The Elliott wave count on the daily chart is pointing to a potential 1.1703/86 correction (double Fibonacci retracement) and even potentially 1.2085, but intraday counts are more negative. They are suggesting the resumption of the downmove”, added Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Emmanuel Ng, FX Strategist at OCBC Bank, commented, “Despite broad dollar vulnerability, note that the EUR-USD’s ascent on Wednesday remained relatively measured. Apart from ongoing Greek headlines, the slew of Feb sentiment indices today may also provide further impetus. We stay supported on the pair in the interim within a 1.1300-1.1500 range”.
“The Elliott wave count on the daily chart is pointing to a potential 1.1703/86 correction (double Fibonacci retracement) and even potentially 1.2085, but intraday counts are more negative. They are suggesting the resumption of the downmove”, added Karen Jones, Head of FICC Technical Analysis at Commerzbank.