22 Jan 2014
Flash: What lies ahead of the EUR/USD? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The EUR/USD remains in the mid 1.35s in the first half of the week, while the FX community keeps waiting for tomorrow’s advanced PMI prints in order to establish a more solid direction for the pair in the short term.
“EUR/USD continues to sit on the 1.3516/1.3495 band of support. We are alert to the idea that this holding on the initial test and we would allow for a small rebound”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Strategists at the Swiss lender UBS remain bearish on the pair, adding “with the trend indicators bearish, there’s scope for more downside in the near-term to test support at 1.3458 and then onto 1.3296. Resistance is at 1.3604 ahead of 1.3699”.
“EUR/USD continues to sit on the 1.3516/1.3495 band of support. We are alert to the idea that this holding on the initial test and we would allow for a small rebound”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Strategists at the Swiss lender UBS remain bearish on the pair, adding “with the trend indicators bearish, there’s scope for more downside in the near-term to test support at 1.3458 and then onto 1.3296. Resistance is at 1.3604 ahead of 1.3699”.