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Forex Flash: EUR/USD… sell.... buy? – Commerzbank and UBS

FXstreet.com (Barcelona) - The shared currency remains submerged into the red territory on Thursday, extending its weekly losses to levels around 1.2850 amidst increasing risk aversion in the FX markets.

“EUR/USD has seen another leg lower and has already sold off to the next support at 1.2839, the 78.6% retracement of the move from April. This is considered to be the last defense for the 1.2740 recent low. Intraday rallies are expected to fail 1.2925/80 and while capped here the market will remain directly offered”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.

In the opinion of Strategist Syed Mohi-uddin at UBS, “Near-term support is at 1.2843, with bearish conditions in place, a break below this would expose 1.2746 ahead of 1.2662. Resistance is at 1.2943 ahead of 1.3029”. It is worth noting that the Swiss bank keeps the bearish outlook on the cross.

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The kiwi has turned unmistakably sour Thursday, ending what was a very successful run for the NZD since yesterday. The upside was capped at 0.8251 during overnight trading, and the pair has been in decline ever since. During European trading, the cross is now firmly entrenched in negative territory, incurring a loss of -0.55% as it tests the 0.8200 barrier.
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