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Forex Flash: What can we expect of EUR/USD? – Commerzbank and UBS

FXstreet.com (Barcelona) - The shared currency is hovering over the 1.3030 level on Friday, keeping the buoyancy above the key resistance of 1.3000 after yesterday boost on better US jobs numbers.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “We note the triple divergence of the daily RSI and would expect to see probes into the 1.3071 to 1.3135 resistance. This is the location of the accelerated downtrend, a Fibonacci retracement and the 8th March high. While capped here the market remains directly offered”.

Strategists G.Berry and G.Yu at the Swiss lender UBS remain bearish on the cross, arguing at the same time “Bearish trend conditions persist. Focus is on the support at 1.2876, a break below would expose 1.2662. Resistance is at 1.3074 ahead of 1.3134”.

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