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19 Mar 2015
What’s in store for EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD climbed to the area of 1.10 following the dovish tone from the FOMC statement on Wednesday, although is now trading back to the upper-1.07s.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “screamed higher last night to reach the 3 month downtrend, from where it has duly been slapped back down. The downtrend lies at 1.1037 today and the daily Elliott wave count is indicating that this was the end of the correction higher – our propensity is to reinstate shorts”.
“EUR surged above 1.1000 in late NY before dropping sharply to close around 1.0820. Further volatile trading is expected today but a move above the overnight high appears unlikely. Overall, expect the market to be unsettled and trading is likely going to be volatile within a broad range of 1.0720 and 1.0920”, suggested analysts at UOB Group.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “screamed higher last night to reach the 3 month downtrend, from where it has duly been slapped back down. The downtrend lies at 1.1037 today and the daily Elliott wave count is indicating that this was the end of the correction higher – our propensity is to reinstate shorts”.
“EUR surged above 1.1000 in late NY before dropping sharply to close around 1.0820. Further volatile trading is expected today but a move above the overnight high appears unlikely. Overall, expect the market to be unsettled and trading is likely going to be volatile within a broad range of 1.0720 and 1.0920”, suggested analysts at UOB Group.