EUR/USD Forecast: Looking to Risk Trends – Commerzbank and Danske Bank
EUR/USD Forecast: Looking to Risk Trends – Commerzbank and Danske Bank
EUR/USD remains resilient in the 1.1350/60 area following last week’s 2016 tops above the 1.1400 handle.
Karen
Jones, Head of FICC Technical Analysis at Commerzbank, argued the
pair’s “high on Friday at 1.1438, was not confirmed by the daily RSI and
this suggests a loss of upside momentum just ahead of the September and
October highs at 1.1460/95 and the 1.1577 pivot line. The market is
consolidating very near term and attention is on the 1.1329 accelerated
uptrend. Resistance at 1.1577 is considered the last defence for the
1.1713 September high. Currently we suspect that the market strength is
ending but with the uptrend still holding we are in limbo”.
In
addition, Analyst at Danske Bank Mikael Milhoj noted “Despite relative
strong US non-manufacturing and somewhat weak European PMI numbers, as
seen over the past weeks, the EUR/USD cross did not move much, supporting our view that the cross trades range-bound without clear directions for the time being”.
(Market News Provided by FXstreet)
