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5 Apr 2013
Forex Flash: What does the EUR/USD have to offer? – UBS and Commerzbank.
FXstreet.com (Barcelona) - The single currency is trading on the back foot on Friday, trimming yesterday’s gains after the increased risk appetite in combination with buying interest in the area of 1.2740 lifted the cross to weekly highs in levels just shy of 1.2950.
G.Yu and G.Berry, Strategists at UBS remain bearish on the cross, arguing, “Yesterday’s sharp advance does not change the bearish theme and the resistance at 1.3048 should hold. Support is at 1.2746, a break below would expose 1.2662”.
“EUR/USD has broken above its 200 day ma and 3 month downtrend. It also charted a key day reversal so at this stage will go with the break higher and allow for a deeper retracement into the 1.3050 then 1.3111/80 band”, signals Karen Jones, Head of FICC Technical Analysis at Commerzbank. The expert also expects the cross to falter in these levels, resuming the decline afterwards.
G.Yu and G.Berry, Strategists at UBS remain bearish on the cross, arguing, “Yesterday’s sharp advance does not change the bearish theme and the resistance at 1.3048 should hold. Support is at 1.2746, a break below would expose 1.2662”.
“EUR/USD has broken above its 200 day ma and 3 month downtrend. It also charted a key day reversal so at this stage will go with the break higher and allow for a deeper retracement into the 1.3050 then 1.3111/80 band”, signals Karen Jones, Head of FICC Technical Analysis at Commerzbank. The expert also expects the cross to falter in these levels, resuming the decline afterwards.