22 Jul 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The single currency clings to the mid 1.3100s on Monday, retracing some ground after hitting overnight peaks around 1.3170 on good news from Portugal. The absence of docket in the bloc will leave the US docket in centre stage, with the Chicago Fed index and the housing data in the limelight.
Karen Jones, Head of FICC Technical Analysis at Commerzbank argued that the pair “spent most of last week holding below the 1.3208 high charted on the 11th July. This leaves our outlook unchanged and the intraday charts continue to suggest that there is scope for a move towards the 1.3208 high (charted on the 11th July)”. The analyst also commented that failure would be likely around 1.3275 (78.6% Fibo).
Strategists G.Yu and G.Berry at UBS remain neutral on the pair, suggesting “The pair is currently testing the resistance at 1.3164, which has been tested a multiple times. A closing break above this would be positive. Support is at 1.3067 ahead of 1.2994”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank argued that the pair “spent most of last week holding below the 1.3208 high charted on the 11th July. This leaves our outlook unchanged and the intraday charts continue to suggest that there is scope for a move towards the 1.3208 high (charted on the 11th July)”. The analyst also commented that failure would be likely around 1.3275 (78.6% Fibo).
Strategists G.Yu and G.Berry at UBS remain neutral on the pair, suggesting “The pair is currently testing the resistance at 1.3164, which has been tested a multiple times. A closing break above this would be positive. Support is at 1.3067 ahead of 1.2994”.