6 Jun 2013
Flash: What lies ahead of the EUR/USD? – Commerzbank and UBS
FXstreet.com (Barcelona) - The EUR/USD is consolidating its upside momentum beyond 1.3100 the figure, printing fresh weekly highs around 1.3120 ahead of the ECB monetary policy meeting due later.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “we have reached the 1.3115 Fibo - but we have not cleared it, I suspect if we trade sub 1.3020 this will be enough to alleviate immediate upside pressure and trigger a slide back to 1.2955. Trending signals remain weak or conflicted so our conviction is low”.
Furthermore, G.Yu and G.Berry, Strategists at UBS, suggested “The latest strength suggests scope for extension of the strength to 1.3194 and then 1.3243. Support is at 1.2956 ahead of 1.2797”. Recall that the Swiss bank’s outlook on the pair remains neutral.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “we have reached the 1.3115 Fibo - but we have not cleared it, I suspect if we trade sub 1.3020 this will be enough to alleviate immediate upside pressure and trigger a slide back to 1.2955. Trending signals remain weak or conflicted so our conviction is low”.
Furthermore, G.Yu and G.Berry, Strategists at UBS, suggested “The latest strength suggests scope for extension of the strength to 1.3194 and then 1.3243. Support is at 1.2956 ahead of 1.2797”. Recall that the Swiss bank’s outlook on the pair remains neutral.