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18 Sep 2015
EUR/USD forecast: higher post-FOMC – Commerzbank and OCBC
FXStreet (Edinburgh) - EUR/USD is hovering over the 1.14 handle on Friday, coming down from Thursday’s tops near 1.1450 in the wake of the FOMC decision.
Karen Jones, Head of FICC Technical Analysis at Commerzbank suggested “EUR/USD no change, remains upside corrective near term but upside probes are expected to remain minor and find initial resistance offered by the 1.1468 May high. Currently we remain unable to rule out gains to the 1.1582/78.6% retracement”.
In addition, Emmanuel Ng, FX Strategist at OCBC Bank, noted “We stay constructive towards upside potential for the EURUSD after the FOMC within 1.350-1.1450. At this juncture, the 200-day MA (1.1223) may prove a hard floor with rate differential developments (including across the majors) arguing for a softer dollar profile in the near term. Upside resistance levels are expected into 1.1470 before 1.1530”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank suggested “EUR/USD no change, remains upside corrective near term but upside probes are expected to remain minor and find initial resistance offered by the 1.1468 May high. Currently we remain unable to rule out gains to the 1.1582/78.6% retracement”.
In addition, Emmanuel Ng, FX Strategist at OCBC Bank, noted “We stay constructive towards upside potential for the EURUSD after the FOMC within 1.350-1.1450. At this juncture, the 200-day MA (1.1223) may prove a hard floor with rate differential developments (including across the majors) arguing for a softer dollar profile in the near term. Upside resistance levels are expected into 1.1470 before 1.1530”.