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Forex Flash: What to do with EUR/USD? – Commerzbank and UBS

The single currency remains trapped around 1.3090/1.3100 on Wednesday, as sentiment shown some signs of improvement after the better EMU business confidence and consumer confidence in February, a tad better than previous print but still well into the negative territory.

“EUR/USD’s reluctance yesterday to break below 1.3000 and ‘doji’, suggests that we are likely to see a near term rebound ahead of further losses. Overhead lies a band of resistance at 1.3293/1.3335”, explains Karen Jones, Head of FICC Technical Analysis at Commerzbank. The expert adds that as long as the market remains below those levels, the downside bias would prevail.

G.Yu and G.Berry, Strategists at UBS, confirm the neutral bias on the cross, arguing, “There is a strong support at 1.2998; a break below would trigger deeper sell-off to 1.2877. Resistance is at 1.3168 ahead of 1.3319”.

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