FXStreet (Edinburgh) - EUR/USD has managed to bounce off the vicinity of 1.1100 in early trade, gathering traction to test the current 1.1125/30 band ahead of PMIs in Europe.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “sell off has reached the top of the cloud and 55 day ma at 1.1124/21. We notice the 13 count on the 60 minute chart and It is possible that we will see a small rebound from here but we look for this to be contained by 1.1200”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng suggested “Rate differentials continue to paint a mixed picture for the pair although the shorter end seems to be holding sway over the EUR-USD at this juncture with bunds outperforming USTs. In the near term, the pair may contemplate a sustained break below its 55-day MA (1.1121) towards 1.1090 with short-end riskies heading ‘south’ once again this week”.
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