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25 Apr 2013
Forex Flash: What can we expect of EUR/USD? – Commerzbank and UBS
FXstreet.com (Barcelona) - The shared currency is now easing to the 1.3025/30 region on Thursday, retracing ground after reaching session highs in the vicinity of 1.3060 overnight.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the cross “has sold off towards and bounced just ahead of the 1.2945 200 day ma. While we would allow for the possibility for this to hold the initial test, we should then see failure and a slide to 1.2839, the 78.6% retracement of the move up in April”.
In addition, Syed M.Mohi-uddin, Strategist at UBS, confirmed the neutral stance on the cross, suggesting, “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”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the cross “has sold off towards and bounced just ahead of the 1.2945 200 day ma. While we would allow for the possibility for this to hold the initial test, we should then see failure and a slide to 1.2839, the 78.6% retracement of the move up in April”.
In addition, Syed M.Mohi-uddin, Strategist at UBS, confirmed the neutral stance on the cross, suggesting, “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”.