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16 Sep 2013
Flash: What lies ahead of the EUR/USD? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The single currency is now navigating around the top end of the range, driving the EUR/USD near multi-week highs at 1.3370/80 on Monday. The increasing risk appetite boosted the pair early morning, after Janet Yellen is now front-running to be the next Fed President.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The market will stay immediately bid above the 1.3284 accelerated uptrend, only below here alleviates immediate upside pressure for a slide back to the 1.3214/1.3157 55 and 200 day moving average and then the 1.3104/5 September low”.
Geoffrey Yu and Gareth Berry, Strategists at UBS remain neutral on the pair, arguing “With the MACD threatening to cross above its zero line, focus on the critical resistance at 1.3452. A close above which would be outright bullish development. Support is at 1.3230”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The market will stay immediately bid above the 1.3284 accelerated uptrend, only below here alleviates immediate upside pressure for a slide back to the 1.3214/1.3157 55 and 200 day moving average and then the 1.3104/5 September low”.
Geoffrey Yu and Gareth Berry, Strategists at UBS remain neutral on the pair, arguing “With the MACD threatening to cross above its zero line, focus on the critical resistance at 1.3452. A close above which would be outright bullish development. Support is at 1.3230”.