29 Jul 2013
Flash: What does the EUR/USD have to offer? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The euro is retreating marginally at the beginning of the week, hovering over the area of 1.3270/80 after climbing to the boundaries of 1.3300 the figure during the Asian session. Extremely light docket ahead in the day in Europe would turn investors’ attention to US housing and manufacturing data.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The market stays bid intraday above 1.3165. Below here targets 1.30 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low”.
In addition, Strategists Geoffrey Yu and Gareth Berry at UBS argued, “As the bull trend persists, indicated by the trending and momentum indicators pointing higher, focus is on further upside. Key resistance is at 1.3417. Support is at 1.3253 ahead of 1.3166”. It is worth recalling that the bank’s outlook on the pair remains bullish.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The market stays bid intraday above 1.3165. Below here targets 1.30 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low”.
In addition, Strategists Geoffrey Yu and Gareth Berry at UBS argued, “As the bull trend persists, indicated by the trending and momentum indicators pointing higher, focus is on further upside. Key resistance is at 1.3417. Support is at 1.3253 ahead of 1.3166”. It is worth recalling that the bank’s outlook on the pair remains bullish.