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

FXstreet.com (Barcelona) - Pullbacks in the single currency seem to be contained in the 1.3015/20 region so far on Friday, keeping the pair above the psychological limestone at 1.3000 after Thursday’s steep ascent.

G.Yu and G.Berry, Strategists at UBS, remain bearish on the pair, arguing, “the recent strength does not change the broader bearish picture and the risk is the resumption of downside. Resistance is at 1.3073 ahead of 1.3194. Support is at 1.2934 ahead of 1.2797”.

“EUR/USD has cleared the 1.3000 level and attention is currently on the 1.3073 2013 downtrend… Above here would neutralise our immediate view but only an unexpected rise above the 1.3243 May high would negate our bearish outlook”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

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