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1 Jun 2015
What’s in store for EUR/USD today? – Commerzbank and Danske Bank
FXStreet (Edinburgh) - The shared currency is mired in the negative ground at the beginning of the week, with the focus still on Greece and the final manufacturing PMIs in the euro area.
“This week contains a series of events that could set the direction for EUR/USD depending on the outcome of the ISM surveys, Wednesday's ECB press conference and Friday's job report out of the US: there is a risk that these could send EUR/USD higher again this week but we maintain that the cross is in for a rebound further out”, noted Flemming Nielsen, Senior Analyst at Danske Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, added the pair “last week sold off to its initial target of the 1.0843 61.8% Fibo (of the move up since March) and has seen a small corrective rebound from here. Rallies are indicated to terminate circa 1.1050 and are expected to remain capped by 1.1208, the high from the 22nd May”.
“This week contains a series of events that could set the direction for EUR/USD depending on the outcome of the ISM surveys, Wednesday's ECB press conference and Friday's job report out of the US: there is a risk that these could send EUR/USD higher again this week but we maintain that the cross is in for a rebound further out”, noted Flemming Nielsen, Senior Analyst at Danske Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, added the pair “last week sold off to its initial target of the 1.0843 61.8% Fibo (of the move up since March) and has seen a small corrective rebound from here. Rallies are indicated to terminate circa 1.1050 and are expected to remain capped by 1.1208, the high from the 22nd May”.