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30 Jun 2015
EUR/USD forecast: volatile on Greece – Commerzbank and Danske Bank
FXStreet (Edinburgh) - EUR/USD has now stabilized in the upper-1.1100s following yesterday’s sharp rebound from multi-week lows in the 1.0950 area.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “has sold off to and seen sharp recovery from the base of its cloud at 1.0962. It has filled the gap it left over the weekend and charted a fairly monster key day reversal. We have initial resistance at 1.1290/1.1325 and above here lies dense resistance at 1.1440/1.1534, the recent highs. Intraday charts remain negative and for now we will reattempt small shorts”.
In addition, Senior Analyst at Danske Bank Christin Tuxen said “we still think it is too early to call an ‘all clear’ in terms of safe-haven flows as we expect uncertainty to remain elevated during the week leading up to the Greek weekend referendum. This should imply a renewed drift lower in EUR/USD and in EUR/CHF, which could be accelerated if first polls show Greeks leaning towards a ‘no’ to the referendum proposal”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “has sold off to and seen sharp recovery from the base of its cloud at 1.0962. It has filled the gap it left over the weekend and charted a fairly monster key day reversal. We have initial resistance at 1.1290/1.1325 and above here lies dense resistance at 1.1440/1.1534, the recent highs. Intraday charts remain negative and for now we will reattempt small shorts”.
In addition, Senior Analyst at Danske Bank Christin Tuxen said “we still think it is too early to call an ‘all clear’ in terms of safe-haven flows as we expect uncertainty to remain elevated during the week leading up to the Greek weekend referendum. This should imply a renewed drift lower in EUR/USD and in EUR/CHF, which could be accelerated if first polls show Greeks leaning towards a ‘no’ to the referendum proposal”.