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

FXstreet.com (Barcelona) - The bloc currency is testing overnight highs in the proximities of 1.2940 on Wednesday, gathering pace after dipping to the boundaries of the key support at 1.2900.

Axel Rudolph, Senior Technical Analyst at Commerzbank, believes the cross still has room for a correction higher. “Intraday rallies are expected to fail at 1.2972/90 and, while capped here, it will remain directly offered. This resistance area is made up of the base of the cloud at 1.2972 and the 55 day moving average”, concluded the expert.

In addition, Syed M.Mohi-uddin, Strategist at UBS suggested, “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”. It is worth noting that the Swiss bank keeps a bearish outlook on the cross.

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