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18 Oct 2013
Flash: EUR/USD focus on 1.3710. What’s next? – Commerzbank and OCBC Bank
FXstreet.com (Edinburgh) -The single currency is losing upside momentum on Friday, now easing to the area of 1.3675/70 after hitting 1.3690. The door is open however for a test of the ytd highs at 1.3711 (February 1st) mainly on broader offered tone surrounding the greenback.
In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s “current sharp rally is to encounter strong resistance at 1.3670/1.3711 which we expect to cap… Should this not be the case, the March 2009 high at 1.3739 should do so”.
“The re-pricing of Fed will likely continue to be a theme in the coming days/weeks and could send EUR/USD higher still if more FOMC members hint at a postponement of the Fed exit - not least if the September US labour-market report (now set to be published on 22 October) comes in on the soft side”, observed Analyst Allan von Mehren at Danske Bank.
In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s “current sharp rally is to encounter strong resistance at 1.3670/1.3711 which we expect to cap… Should this not be the case, the March 2009 high at 1.3739 should do so”.
“The re-pricing of Fed will likely continue to be a theme in the coming days/weeks and could send EUR/USD higher still if more FOMC members hint at a postponement of the Fed exit - not least if the September US labour-market report (now set to be published on 22 October) comes in on the soft side”, observed Analyst Allan von Mehren at Danske Bank.