Back
22 Jun 2015
EUR/USD forecast: attention to Greece – Commerzbank and UOB Group
FXStreet (Edinburgh) - The single currency has started the week on the right footing, taking EUR/USD to the 1.1400 neighborhood backed by a more positive view on the Greek debt talks.
Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the pair “has eroded the one year downtrend at 1.1321 but saw no follow through on Friday and faces a tough band of resistance this week directly overhead offered by the 1.1468 May high and 1.1534, the February high. Despite the break of the downtrend, the intraday Elliott counts are suggesting that we are likely to struggle to overcome the 1.1534 high and are actually quite negative”.
In addition, analysts at UOB Group have suggested “EUR dipped to a low of 1.1291 last Friday before rebounding to close off the low. The current movement is likely part of a broad consolidation phase. Expect sideway trading for today, likely between 1.1340 and 1.1415”.
Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the pair “has eroded the one year downtrend at 1.1321 but saw no follow through on Friday and faces a tough band of resistance this week directly overhead offered by the 1.1468 May high and 1.1534, the February high. Despite the break of the downtrend, the intraday Elliott counts are suggesting that we are likely to struggle to overcome the 1.1534 high and are actually quite negative”.
In addition, analysts at UOB Group have suggested “EUR dipped to a low of 1.1291 last Friday before rebounding to close off the low. The current movement is likely part of a broad consolidation phase. Expect sideway trading for today, likely between 1.1340 and 1.1415”.