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12 Mar 2014
Flash: What lies ahead of the EUR/USD? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is trading in a sort of consolidation range between 1.3850 and 1.3870 on Wednesday, waiting for any catalyst to break the pattern.
In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “remains close to the 1.3960 50% retracement of the sell-off from the 2008 peak, though. We will need to see a close above here on a weekly basis to confirm a break higher”.
In addition, Strategist Emmanuel Ng at OCBC Bank, noted spot “drifted slightly lower on Tuesday although we expect supports to kick in at 1.3825 and thereafter at the 1.3800 floor. In the interim, resistance is expected on approach of 1.3890 neighborhood, although global uncertainty intra-day may keep the pair a touch heavy”.
In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “remains close to the 1.3960 50% retracement of the sell-off from the 2008 peak, though. We will need to see a close above here on a weekly basis to confirm a break higher”.
In addition, Strategist Emmanuel Ng at OCBC Bank, noted spot “drifted slightly lower on Tuesday although we expect supports to kick in at 1.3825 and thereafter at the 1.3800 floor. In the interim, resistance is expected on approach of 1.3890 neighborhood, although global uncertainty intra-day may keep the pair a touch heavy”.