25 Mar 2015
What’s in store for EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD is posting marginal loses on Wednesday, coming down from Tuesday’s peaks beyond 1.10 the figure ahead of the German IFO indicator.
“As highlighted yesterday, the recent EUR strength is expected to struggle near last week’s resistance at 1.1035/40. The sharp drop from the high of 1.1029 suggests that a short-term top is in place and the current movement is likely the start of a consolidation phase. Expect range trading for today, likely between 1.0965 and 1.0850”, suggested analysts at UOB Group.
Axel Rudolph, Senior Technical Analyst at Commerzbank, argued “We continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 current March low. Below it lies the 1.0080 level and also the 1.0000/0.9900 zone as well as .9610, the 61.8% Fibonacci retracement of the move up from 1985”.
“As highlighted yesterday, the recent EUR strength is expected to struggle near last week’s resistance at 1.1035/40. The sharp drop from the high of 1.1029 suggests that a short-term top is in place and the current movement is likely the start of a consolidation phase. Expect range trading for today, likely between 1.0965 and 1.0850”, suggested analysts at UOB Group.
Axel Rudolph, Senior Technical Analyst at Commerzbank, argued “We continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 current March low. Below it lies the 1.0080 level and also the 1.0000/0.9900 zone as well as .9610, the 61.8% Fibonacci retracement of the move up from 1985”.