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9 Sep 2015
http://www.fxstreet.com/news/forex-news/article.aspx?storyid=b775439d-0288-4d48-8ce6-ff1d6c984667
FXStreet (Edinburgh) - The single currency is extending its downside momentum on Wednesday, declining further from weekly tops near 1.1230 amidst a growing sentiment towards the risk-associated universe.
“Expect the first road block for the EUR-USD at the 200-day MA (1.1260) with the pair still seen torn between behaving as a funding currency on the one hand and as a counterpart to dollar dynamics on the other. Near term, the pair may anchor itself around the vicinity of 1.1200 with our inclination to fade excessive rallies”, suggested Emmanuel Ng, FX Strategist at OCBC.
Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “near term rebound off the 55 day ma at 1.1093 has been minor and risks remain on the downside. Our attention remains on the base of the cloud circa 1.1015. This guards the base of the channel at 1.0907. Near term rallies should now struggle and ideally be contained by 1.1260, 1.1332”.
“Expect the first road block for the EUR-USD at the 200-day MA (1.1260) with the pair still seen torn between behaving as a funding currency on the one hand and as a counterpart to dollar dynamics on the other. Near term, the pair may anchor itself around the vicinity of 1.1200 with our inclination to fade excessive rallies”, suggested Emmanuel Ng, FX Strategist at OCBC.
Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “near term rebound off the 55 day ma at 1.1093 has been minor and risks remain on the downside. Our attention remains on the base of the cloud circa 1.1015. This guards the base of the channel at 1.0907. Near term rallies should now struggle and ideally be contained by 1.1260, 1.1332”.