7 Aug 2013
Flash: What does the EUR/USD have to offer? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The shared currency is managing very well to keep the 1.3300 handle on Wednesday amidst thin trade in the euro area and a second-tier calendar ahead in the day. The EUR/USD is now looking to stabilize around the key level, looking to extend its momentum further.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the area of 1.3346/1.3417 to cap further advances and provoke failure. “Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure… Failure here will target 1.30. Loss of this zone is needed to re-target the 1.2755/40 recent low and April low”, the expert added.
Strategists Geoffrey Yu and Gareth Berry at the Swiss lender UBS argued “With the bull trend intact, as reflected by the MACD above its zero line potential is for the pair to move above 1.3345 to test the key resistance at 1.3417. Support is at 1.3233 ahead of the critical 1.3120”. Recall that the bank holds a bullish stance on the pair.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the area of 1.3346/1.3417 to cap further advances and provoke failure. “Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure… Failure here will target 1.30. Loss of this zone is needed to re-target the 1.2755/40 recent low and April low”, the expert added.
Strategists Geoffrey Yu and Gareth Berry at the Swiss lender UBS argued “With the bull trend intact, as reflected by the MACD above its zero line potential is for the pair to move above 1.3345 to test the key resistance at 1.3417. Support is at 1.3233 ahead of the critical 1.3120”. Recall that the bank holds a bullish stance on the pair.