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May 30, 2013
Flash: What can we expect of EUR/USD? – Commerzbank and UBS
FXstreet.com (Barcelona) - The single currency is posting 3-week highs in the vicinity of 1.3040/50 on Thursday, after disappointing data from the US GDP during the first quarter and a weekly rise in the jobs Claims woke up a violent rally in the risk correlated assets.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “Key short term resistance is seen along the resistance line drawn from the February peak which is located at 1.3080. Above here would neutralise our immediate view but only an unexpected rise above the 1.3243 May high would negate our bearish outlook”.
In addition, the Swiss bank remains bearish on the pair, with Strategists G.Yu and G.Berry arguing, “As long as resistance holds at 1.3020, there is scope for the pair to resume downside as bearish trend conditions persist. Support is at 1.2838 ahead of 1.2746”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “Key short term resistance is seen along the resistance line drawn from the February peak which is located at 1.3080. Above here would neutralise our immediate view but only an unexpected rise above the 1.3243 May high would negate our bearish outlook”.
In addition, the Swiss bank remains bearish on the pair, with Strategists G.Yu and G.Berry arguing, “As long as resistance holds at 1.3020, there is scope for the pair to resume downside as bearish trend conditions persist. Support is at 1.2838 ahead of 1.2746”.