22 Aug 2013
Flash: What lies ahead of the EUR/USD? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The EUR/USD extends its neutral-bearish mode on Thursday, looking to recover the ground lost post-FOMC minutes ahead of the key PMI data from manufacturing and services sectors of euro zone members.
“The break out of Wednesday’s EUR/USD inside day is likely to determine the trend for the next few days. Since it is to the downside and because we see negative divergence on the daily RSI, we believe that another interim top could now be in place at this week’s 1.3453 high”, commented Axel Rudolph, Senior Technical Analyst at Commerzbank.
The Swiss bank UBS keeps its bullish stance on the pair, with Strategists Geoffrey Yu and Gareth Berry adding, “The pair is under correction having tested the important resistance at 1.3417. Any downside should find support at 1.3300 and then 1.3206. Resistance is at 1.3520 ahead of 1.3711”.
“The break out of Wednesday’s EUR/USD inside day is likely to determine the trend for the next few days. Since it is to the downside and because we see negative divergence on the daily RSI, we believe that another interim top could now be in place at this week’s 1.3453 high”, commented Axel Rudolph, Senior Technical Analyst at Commerzbank.
The Swiss bank UBS keeps its bullish stance on the pair, with Strategists Geoffrey Yu and Gareth Berry adding, “The pair is under correction having tested the important resistance at 1.3417. Any downside should find support at 1.3300 and then 1.3206. Resistance is at 1.3520 ahead of 1.3711”.