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27 Mar 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and Scotiabank
FXStreet (Edinburgh) - The selling interest continues to hammer the EUR/USD on Thursday, pushing spot closer to weekly lows near 1.3750 (Tuesday).
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “We remain of the view that the market has recently topped and is likely to come under increasing downside pressure… We target initially 1.3643, the end of February low and eventually the 1.3476 2014 low and 1.3467 the 55 MONTH ma”.
In addition, Camilla Sutton, Chief FX Strategist at Scotiabank, commented, “The market is long EUR, with the CFTC reporting a net long position of $9 billion last week, which leaves it vulnerable to an exaggerated reversal… EUR positive capital flows from safe haven demand, reserve diversification and re-entry into Europe after the passing of the crisis area likely to continue and ease the downside; however in a world where the Fed is increasingly hawkish and the ECB increasingly dovish we see core risk as EUR downside. We hols a year-end forecast of 1.30”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “We remain of the view that the market has recently topped and is likely to come under increasing downside pressure… We target initially 1.3643, the end of February low and eventually the 1.3476 2014 low and 1.3467 the 55 MONTH ma”.
In addition, Camilla Sutton, Chief FX Strategist at Scotiabank, commented, “The market is long EUR, with the CFTC reporting a net long position of $9 billion last week, which leaves it vulnerable to an exaggerated reversal… EUR positive capital flows from safe haven demand, reserve diversification and re-entry into Europe after the passing of the crisis area likely to continue and ease the downside; however in a world where the Fed is increasingly hawkish and the ECB increasingly dovish we see core risk as EUR downside. We hols a year-end forecast of 1.30”.