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Forex Flash: What lies ahead of EUR/USD? – Commerzbank, UBS and BTMU

The single currency returned to the 1.3040/45 region after posting fresh highs above 1.3060, in an attempt to follow though Tuesday’s highs. Momentum surrounding the euro continues to be directionless, as market participants wait for the US retail sales, expected to expand 0.5% in February.

“EUR/USD we are at last seeing more of a rebound, this has yet to test the 1.3115/35 accelerated downtrend and Fibonacci retracement and we continue to look for failure in this zone. While capped here the market remains directly offered”, remarks Karen Jones, Head of FICC Technical Analysis at Commerzbank.

In addition, G.Yu and G.Berry, Strategists at UBS, remain bearish on the cross, adding, “Initial support is at 1.2955, a break below this would expose 1.2876 ahead of 1.2662. Resistance is at 1.3134”.

Derek Halpenny, Analyst at BTMU, suggests, “The euro also continues to be well supported above the 1.3000 level and the performance of EUR/USD, GBP/USD and USD/JPY could be a signal that the dollar is about to take a breather after a period of solid gains”.

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