Back
23 Jun 2015
EUR/USD forecast: still waiting for a Greek deal – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The absence of a deal between Greece and its EU peers keeps weighing on EUR/USD so far, which has found support around the mid-1.1200s so far.
In the view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “still faces a tough band of resistance offered by the five month resistance line, May high and February peak at 1.1444/1.1534. The intraday Elliott counts are suggesting that we are likely to struggle to overcome the 1.1534 high and are actually quite negative. As a consequence we remain on the sidelines for now”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank, noted “Notably, price action over the past few sessions also demonstrate the willingness by investors to latch unto any modicum of positive news (however brief) out of Greece, underpinning our belief that the pair may remain supported on dips in the interim”.
In the view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “still faces a tough band of resistance offered by the five month resistance line, May high and February peak at 1.1444/1.1534. The intraday Elliott counts are suggesting that we are likely to struggle to overcome the 1.1534 high and are actually quite negative. As a consequence we remain on the sidelines for now”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank, noted “Notably, price action over the past few sessions also demonstrate the willingness by investors to latch unto any modicum of positive news (however brief) out of Greece, underpinning our belief that the pair may remain supported on dips in the interim”.