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14 Mar 2013
Forex Flash: What does the EUR/USD has to offer? – UBS and Commerzbank
The single currency is now extending another attempt of advance further on Thursday, after posting fresh 2013 in the vicinity of 1.2920/25 on Wednesday. Today’s second-tier docket in the euro area would leave the euro to meander against the backdrop of the European Council meeting.
No change in the bearish outlook on the cross held by UBS, as Strategists G.Yu and G.Berry confirm: “Bearish trend conditions persist. Focus is on the support at 1.2876, a break below would expose 1.2662. Resistance is at 1.3074 ahead of 1.3134”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests, “Rallies will find a fairly solid band of resistance above 1.3093 to 1.3135 – this is the location of the accelerated downtrend, a Fibonacci retracement and the 8th March high. While capped here the market remains directly offered”. The analyst adds that the bank’s initial target would be the area of 1.2679/61, while 1.2400 appears as a longer-term goal.
No change in the bearish outlook on the cross held by UBS, as Strategists G.Yu and G.Berry confirm: “Bearish trend conditions persist. Focus is on the support at 1.2876, a break below would expose 1.2662. Resistance is at 1.3074 ahead of 1.3134”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests, “Rallies will find a fairly solid band of resistance above 1.3093 to 1.3135 – this is the location of the accelerated downtrend, a Fibonacci retracement and the 8th March high. While capped here the market remains directly offered”. The analyst adds that the bank’s initial target would be the area of 1.2679/61, while 1.2400 appears as a longer-term goal.