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2 Apr 2015
What’s in store for EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - EUR/USD remains mired in the 1.0770/80 band on Thursday, against a backdrop of thin trade and scarce volatility in light of Easter holidays.
Emmanuel Ng, FX Strategist at OCBC Bank, noted that “Greek-related headlines are expected to continue to lurk in the background with unnamed European officials indicating that the latest list of reforms submitted on Wednesday stating that it “still lacks details and substance in many places”. Overall, the pair may loiter in familiar ranges centered around 1.0800 pending further cues”.
Furthermore, Senior Technical Analyst at Commerzbank Axel Rudolph added, “In late March EUR/USD briefly probed the 1.1037/98 resistance area before being rejected by it. It is made up of the March 18 high and the January low. As long as it caps we continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 current March low”.
Emmanuel Ng, FX Strategist at OCBC Bank, noted that “Greek-related headlines are expected to continue to lurk in the background with unnamed European officials indicating that the latest list of reforms submitted on Wednesday stating that it “still lacks details and substance in many places”. Overall, the pair may loiter in familiar ranges centered around 1.0800 pending further cues”.
Furthermore, Senior Technical Analyst at Commerzbank Axel Rudolph added, “In late March EUR/USD briefly probed the 1.1037/98 resistance area before being rejected by it. It is made up of the March 18 high and the January low. As long as it caps we continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 current March low”.