27 Jun 2013
Flash: What does the EUR/USD have to offer? – Commerzbank and UBS
Fxstreet.com (Edinburgh) - The shared currency is now testing intraday lows in the area of 1.3010/20 on Thursday, as risk aversion is creeping back to the markets. Mixed results from the euro area are offsetting better German employment figures, adding to the bearish tone.
“We continue to look for rebounds to be relatively tepid, and intraday these are expected to struggle 1.3050/90. We maintain a negative stance longer term while capped by 1.3427/46, the 200 week ma and the 2011-2013 resistance line”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Strategists G.Berry and G.Yu at UBS remains neutral on the pair, adding “There is a strong support at 1.5292; a closing break below this would prolong the correction to 1.5183. Resistance is at 1.5477”. It is worth noting that the bank holds a target of 1.47 in 3m view.
“We continue to look for rebounds to be relatively tepid, and intraday these are expected to struggle 1.3050/90. We maintain a negative stance longer term while capped by 1.3427/46, the 200 week ma and the 2011-2013 resistance line”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Strategists G.Berry and G.Yu at UBS remains neutral on the pair, adding “There is a strong support at 1.5292; a closing break below this would prolong the correction to 1.5183. Resistance is at 1.5477”. It is worth noting that the bank holds a target of 1.47 in 3m view.