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

FXstreet.com (Barcelona) - The bloc currency remains dormant in the area of 1.3060/70 on Tuesday, trading in a narrow range after yesterday’s bull run beyond 1.3100 the figure.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has started to erode the 1.3065 2013 downtrend and has reached the top of its daily cloud at 1.3087. It will need to break above here to neutralise the immediate outlook and open the possibility of a return to the 1.3225/42 May high. If seen, we look for this to hold the topside”.

The Swiss bank UBS has now changed its outlook on to the pair to neutral from bearish. Strategists G.Berry and G.Yu suggested “The latest strength suggests there is potential for extension to test the resistance at 1.3194 and then 1.3243. Support is at 1.2934 ahead of 1.2797”.

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