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9 Apr 2013
Forex Flash: What can we expect of EUR/USD? – UBS and Commerzbank
FXstreet.com (Barcelona) - The shared currency is correcting lower from overnight highs in the boundaries of 1.3070, although the upside faltered during the Asian session, falling to the vicinity of the psychological mark at 1.3000 after the opening bell in London.
According to Strategists G.Yu and G.Berry at UBS, the outlook on the cross remains bearish, arguing “Upside should be limited and there is a strong resistance at 1.3115. While this holds, there is scope for a break below support at 1.2962, exposing 1.2869”.
In the same line, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests “We would allow for a deeper retracement into the 1.3111/80 band and possibly 1.3225 (50% retracement), where will look for signs of failure and the resumption of the down move”. The analyst also adds that intraday pullbacks should be contained around 1.2900/1.2899 in order to keep the corrective upside alive.
According to Strategists G.Yu and G.Berry at UBS, the outlook on the cross remains bearish, arguing “Upside should be limited and there is a strong resistance at 1.3115. While this holds, there is scope for a break below support at 1.2962, exposing 1.2869”.
In the same line, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests “We would allow for a deeper retracement into the 1.3111/80 band and possibly 1.3225 (50% retracement), where will look for signs of failure and the resumption of the down move”. The analyst also adds that intraday pullbacks should be contained around 1.2900/1.2899 in order to keep the corrective upside alive.