FXStreet (Edinburgh) - The pair’s upside seems unstoppable on Friday, advancing to the vicinity of 1.1300 the figure ahead of preliminary PMIs in the euro area.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “continues to rebound from its 20 day ma at 1.1027 and has eroded the 1.1216 July high - the Elliott wave count is still suggesting scope for a move towards the 1.1336 200 day ma. However, moves beyond here should remain limited and the 1.1468 resistance area is expected to provoke failure and provoke resumption its longer term down trend”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “continues to rebound from its 20 day ma at 1.1027 and has eroded the 1.1216 July high - the Elliott wave count is still suggesting scope for a move towards the 1.1336 200 day ma. However, moves beyond here should remain limited and the 1.1468 resistance area is expected to provoke failure and provoke resumption its longer term down trend”.
Furthermore, FX Strategist at OCBC Bank Emmanuel Ng noted “Going ahead, the EUR may continue to benefit from unwinding of prior short EUR-crosses as the hitherto higher yielder/EM currencies come under threat. Meanwhile, Tsipras’ resignation (snap elections possibly on 20 Sep 15) may heighten expectations of further cooperation with international creditors, lending further near term support to the EUR-USD. On the data front, look also to the slew of PMIs in today’s session with the pair expected to consolidate around the 1.1240 zip code with an eye to push higher into the end of the week”.
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