Thursday, September 24, 2015

EUR/USD forecast: focus on IFO – Commerzbank and Danske Bank

FXStreet (Edinburgh) - The single currency remains hovering over the 1.1200 handle vs. the greenback ahead of the German IFO indicator.

Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the pair “remains under pressure following its recent rejection from the 1.1468 May high and will continue to do so while trading below the breached support line at 1.1255. Failure at 1.1088, the early September low, would trigger a move to the base of the cloud at circa 1.1023 and the psychological 1.1000 region”.

Furthermore, Senior Analyst Christin Tuxen at Danske Bank argued “The down-move in EUR/USD post the spike on Fed last week indeed stalled yesterday but we stress that some limited upside potentially remains in the cross from the fact that the market has - in our view- got a little ahead of itself in pricing close to a 50/50 chance of a 10bp cut in the deposit rates”.
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