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Forex Flash: What does EUR/USD has to offer? – UBS and Commerzbank

The bloc currency is attempting once again to regain the 1.3100 handle, proving to be a tough barrier on Friday so far. The cross is partially retracing yesterday’s gains, after the relief-rally post-Draghi propelled the euro to the vicinity of 1.3120 against the dollar.

The Swiss lender UBS keeps the bearish stance on the cross, after Strategists G.Yu and G.Berry argued, “As long as resistance at 1.3162 holds, the pair remains vulnerable. Support is at 1.2965, a break below would pave the way for weakness to test 1.2877”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented that the ongoing bounce could extend higher although the broader frame would be bearish. “…both cloud resistance on the 240 minute chart (up to 1.3200) and the accelerated downtrend at 1.3178 are expected to cap the topside and the market will remain directly offered while capped here”, concluded the expert.

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