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Flash: What can we do with the EUR/USD? – UBS and Commerzbank

FXstreet.com (Barcelona) - The shared currency is posting gains for the second consecutive session on Tuesday, orbiting around 1.2900 ahead of the FOMC minutes and Bernanke’s testimony due tomorrow.

“Any upside will be limited as bearish conditions persist. Resistance is at 1.2967 and 1.3020. Support is at 1.2797, a break below would expose 1.2746 ahead of the critical 1.2662”, suggested Syed M.Mohi-uddin, Strategist at UBS, while keeping the bearish outlook on the cross.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “It is likely to see a near term correction higher. Intraday rallies are expected to fail 1.2945/92 and while capped here the market will remain directly offered. Please note the base of the cloud lies at 1.2945 and is expected to act as additional resistance”.

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