FXStreet (Edinburgh) – EUR/USD has left yesterday’s lows around 1.0820 and is now looking to consolidate in the vicinity of 1.0900 the figure.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has met and slightly exceeded its initial target of the 1.0843 61.8% Fibo (of the move up since March), we have not seen a close below here and given the a 13 count on the 240 minute chart and a TD perfected set up – we would allow for a near term rebound ahead of further weakness”.
Furthermore, FX Strategist at OCBC Bank Emmanuel Ng commented, “Expect near term volatility for the pair to prevail amid Greek related headlines as the early June debt repayment dead line draws nearer… After its recent rejection of the 1.1400 neighborhood on the weekly charts, the pair we think may be at risk of detaching on a sustained basis from its 55-day MA (1.0935) towards 1.0800
(Market News Provided by FXstreet)