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10 Apr 2013
Forex Flash: What does the EUR/USD have to offer? – Commerzbank and UBS
FXstreet.com (Barcelona) - The shared currency has left behind the resistance at 1.3100 on Wednesday, as the risk-rally continues to prevail in the global markets ahead of the FOMC minutes due later today.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the cross “maintains upside corrective pressure and is close to initial target at 1.3111/30 band.. We would allow for profit taking here ahead of possibly a move to 1.3225 (50% retracement), where will look for signs of failure and the resumption of the down move”.
The Swiss bank UBS changed its outlook to neutral from bearish on the cross, as Strategists G.Yu and G.Berry comments, “There is a strong resistance at 1.3115. A closing break above this would extend the recovery to 1.3228. Support is at 1.3005 ahead of 1.2924”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the cross “maintains upside corrective pressure and is close to initial target at 1.3111/30 band.. We would allow for profit taking here ahead of possibly a move to 1.3225 (50% retracement), where will look for signs of failure and the resumption of the down move”.
The Swiss bank UBS changed its outlook to neutral from bearish on the cross, as Strategists G.Yu and G.Berry comments, “There is a strong resistance at 1.3115. A closing break above this would extend the recovery to 1.3228. Support is at 1.3005 ahead of 1.2924”.