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EUR/USD forecast: eyes on the dollar – Commerzbank and Rabobank

FXStreet (Edinburgh) - EUR/USD is extending the leg lower from Friday’s tops near 1.1450 to the current 1.1170 area amidst a continuation of USD strength.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “following the rejection from the 1.1468 May high, the market has already eroded support at 1.1228/14 (support line, 200 day ma and last weeks low). This should be enough to alleviate upside pressure for a slide to the 55 day ma and cloud at 1.1121/24”.

In addition, Senior FX Strategist at Rabobank Jane Foley commented, “the market has been awash with speculation of a broadened QE package from the ECB since ECB President Draghi’s post policy meeting press conference at the start of this month. For this reason our expectation regarding the influence of interest rate differentials on the major FX cross rates medium-term remain mostly static. Consequently we retain our expectation that both EUR/USD and EUR/GBP will trend lower in the coming months towards EUR/USD1.10 and EUR/GBP0.72 on a 3 mth view”.

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