Forex Flash: What does the EUR/USD have to offer? – UBS and Commerzbank

FXstreet.com (Barcelona) - The shared currency continues to be trapped within a narrow range on Friday, hovering over 1.3020/25 ahead of the US GDP preliminary figures for the first quarter.

Strategists G.Yu and G.Berry at UBS remain neutral on the cross, adding “Resistance is at 1.3108, a break above this would open the more critical 1.3202 and then 1.3232. Support is at 1.2955 and 1.2920 – a breach here would be a bearish development”.

After the recent unsuccessful attempt of an upside Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “We view this as a minor rebound from the 1.2949 200 day ma. We should see failure shortly and a slide to 1.2839, the 78.6% retracement of the move up in April. This is the last defence for the 1.2740 recent low”