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29 May 2015
What’s the sentiment around EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD is managing to keep the trade above the 1.0900 handle on Friday, ahead of the US GDP Annualized during the first quarter.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has seen a minor rebound following its move to initial target of the 1.0843 61.8% Fibo (of the move up since March). We have not seen a close below here and given the a 13 count on the 240 minute chart and a TD perfected set up – we would allow for a deeper near term rebound ahead of further weakness”.
Analysts at UOB Group added, “The current movement is still viewed as part of a short-term basing formation. However, any upmove is likely part of a corrective recovery and not the start of a sustained up-move. A dip to 1.0930 from here will not be surprising but 1.0890 is expected to hold for a move to 1.1000/05”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has seen a minor rebound following its move to initial target of the 1.0843 61.8% Fibo (of the move up since March). We have not seen a close below here and given the a 13 count on the 240 minute chart and a TD perfected set up – we would allow for a deeper near term rebound ahead of further weakness”.
Analysts at UOB Group added, “The current movement is still viewed as part of a short-term basing formation. However, any upmove is likely part of a corrective recovery and not the start of a sustained up-move. A dip to 1.0930 from here will not be surprising but 1.0890 is expected to hold for a move to 1.1000/05”.