13 May 2013
Forex Flash: What does the EUR/USD have to offer? – Commerzbank and UBS
FXstreet.com (Barcelona) - The single currency is reverting the initial good mood, returning to the red territory and testing intraday lows in the proximities of 1.2960, as the rally in the USD has resumed its pace.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “Near term rallies will find resistance at 1.3053/89 (minor Fibo) ahead of the resistance line drawn from the February peak, this is located at 1.3178. Only above the 1.3243 recent high would negate our bearish outlook and this is not favoured”.
In addition, G.Yu and G.Berry, Strategists at ¬UBS, remain neutral on the cross, adding “Friday’s sell-off stalled exactly at the strong support at 1.2936. A closing break below would be a bearish development, triggering a deeper sell-off to 1.2746. Resistance is at 1.3051 ahead of 1.3194”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “Near term rallies will find resistance at 1.3053/89 (minor Fibo) ahead of the resistance line drawn from the February peak, this is located at 1.3178. Only above the 1.3243 recent high would negate our bearish outlook and this is not favoured”.
In addition, G.Yu and G.Berry, Strategists at ¬UBS, remain neutral on the cross, adding “Friday’s sell-off stalled exactly at the strong support at 1.2936. A closing break below would be a bearish development, triggering a deeper sell-off to 1.2746. Resistance is at 1.3051 ahead of 1.3194”.