Back
26 Jun 2013
Flash: What can we expect of the EUR/USD? – UBS and Commerzbank
Fxstreet.com (Edinburgh) - The single currency is stabilizing around 1.3070 on Wednesday after better-than-expected US data on Tuesday dragged the EUR/USD from highs in the vicinity of 1.3140. There is no euro docket today so market attention will shift to the US GDP Annualized, due in the European afternoon.
The Swiss bank UBS now changed its stance on the pair to neutral from bullish. Its Strategists G.Berry and G.Yu commented, “Strong support is at 1.3034, a closing break below this would be negative. Resistance is at 1.3238 ahead of 1.3417”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “We continue to look for rebounds to be relatively tepid, and intraday these are expected to struggle 1.3165/85. We maintain a negative stance and continue to look for losses to 1.2927/1.2898 (55 week ma and the 2012-2013 support line)”.
The Swiss bank UBS now changed its stance on the pair to neutral from bullish. Its Strategists G.Berry and G.Yu commented, “Strong support is at 1.3034, a closing break below this would be negative. Resistance is at 1.3238 ahead of 1.3417”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “We continue to look for rebounds to be relatively tepid, and intraday these are expected to struggle 1.3165/85. We maintain a negative stance and continue to look for losses to 1.2927/1.2898 (55 week ma and the 2012-2013 support line)”.