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18 Jun 2013
Flash: What can we expect of the EUR/USD? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The EUR/USD remains locked around 1.3380 after printing fresh highs in levels just shy of 1.3400 the figure on mixed results from the German ZEW Survey. Market sentiment is slightly biased towards risk appetite, as we get closer to the FOMC announcements tomorrow.
“Last week the market came close to the mid-January high at 1.3404. Directly overhead lies 1.3440/52, the 200-week ma and the 2011-2013 resistance line. This is key resistance and we look for this to hold and provoke failure”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Strategists at UBS G.Yu and G.Berry keep the bullish stance on the pair, adding “Any downside will be limited as the bull trend is intact. Support is at 1.3259 ahead of 1.3163. Resistance is at 1.3390 ahead of 1.3520. Support is at 1.3266”.
“Last week the market came close to the mid-January high at 1.3404. Directly overhead lies 1.3440/52, the 200-week ma and the 2011-2013 resistance line. This is key resistance and we look for this to hold and provoke failure”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Strategists at UBS G.Yu and G.Berry keep the bullish stance on the pair, adding “Any downside will be limited as the bull trend is intact. Support is at 1.3259 ahead of 1.3163. Resistance is at 1.3390 ahead of 1.3520. Support is at 1.3266”.