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11 Mar 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The single currency remains entrenched into the negative ground in the middle of the week, trading around 1.0700 the figure after posting fresh 12-year lows around 1.0660 overnight.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “continues to dive lower and remains on a collision course with the base of the 30 year channel located at 1.0573.This is major technical support and it is expected to hold the initial test. A weekly close below here will introduce scope to the 1.00/0.9900 zone”.
“Technical talks between the left-wing government in Greece and the troika today may be expected to continue to keep the EUR-USD in the shade, especially if the current bearish momentum doesn’t let up”, added Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “continues to dive lower and remains on a collision course with the base of the 30 year channel located at 1.0573.This is major technical support and it is expected to hold the initial test. A weekly close below here will introduce scope to the 1.00/0.9900 zone”.
“Technical talks between the left-wing government in Greece and the troika today may be expected to continue to keep the EUR-USD in the shade, especially if the current bearish momentum doesn’t let up”, added Emmanuel Ng, FX Strategist at OCBC Bank.