4 Jul 2013
Flash: What lies ahead of the EUR/USD? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The shared currency remains near the psychological mark of 1.3000 on Thursday, with all the attention on the ECB’s gathering although in a context of reduced activity as US markets will be closed due to the Independence Day.
Karen Jones, Head of FICC Technical Analysis at Commerzbank commented, “Rallies will have little to no impact while capped by the 1.3072/1.3103 resistance (55 and 200 day moving averages and the high from the 28th June). Key resistance remains 1.3414/39, the 200 week ma and the 2011-2013 resistance line”.
Furthermore, Strategists G.Yu and G.Berry at UBS remain bearish on the pair, adding “With the bear trend intact focus is on the key support at 1.2797. A break below this would suggest scope for further downside. Resistance is at 1.3078”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank commented, “Rallies will have little to no impact while capped by the 1.3072/1.3103 resistance (55 and 200 day moving averages and the high from the 28th June). Key resistance remains 1.3414/39, the 200 week ma and the 2011-2013 resistance line”.
Furthermore, Strategists G.Yu and G.Berry at UBS remain bearish on the pair, adding “With the bear trend intact focus is on the key support at 1.2797. A break below this would suggest scope for further downside. Resistance is at 1.3078”.