Back
15 Jul 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The single currency is trading in the lower end of today’s range so far, hovering over the mid 1.3000s against a backdrop of increasing risk-off trade. Absent calendar in the euro area, traders would closely watch June’s Retail Sales in the US economy, expected to grow 0.8%.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “While further chopping around within the 1.2940-1.3275 limits is likely we look for the more important resistance at 1.3386/1.3422 to hold – this is the 2011-2013 downtrend, the 200 week ma and the June high. While capped here an overall downside bias will persist”.
Furthermore, Strategists G.Yu and G.Berry at the Swiss bank UBS argued “With the MACD still below its zero line, the broader risk remains for the pair to resume downside. Support is at 1.2981 ahead of 1.2755. Resistance is at 1.3164 which was defended well on closing basis”. Recall that the bank keeps the bearish stance on the pair.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “While further chopping around within the 1.2940-1.3275 limits is likely we look for the more important resistance at 1.3386/1.3422 to hold – this is the 2011-2013 downtrend, the 200 week ma and the June high. While capped here an overall downside bias will persist”.
Furthermore, Strategists G.Yu and G.Berry at the Swiss bank UBS argued “With the MACD still below its zero line, the broader risk remains for the pair to resume downside. Support is at 1.2981 ahead of 1.2755. Resistance is at 1.3164 which was defended well on closing basis”. Recall that the bank keeps the bearish stance on the pair.