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Forex Flash: What does the EUR/USD have to offer? – UBS and Commerzbank.

FXstreet.com (Barcelona) - The single currency is trading on the back foot on Friday, trimming yesterday’s gains after the increased risk appetite in combination with buying interest in the area of 1.2740 lifted the cross to weekly highs in levels just shy of 1.2950.

G.Yu and G.Berry, Strategists at UBS remain bearish on the cross, arguing, “Yesterday’s sharp advance does not change the bearish theme and the resistance at 1.3048 should hold. Support is at 1.2746, a break below would expose 1.2662”.

“EUR/USD has broken above its 200 day ma and 3 month downtrend. It also charted a key day reversal so at this stage will go with the break higher and allow for a deeper retracement into the 1.3050 then 1.3111/80 band”, signals Karen Jones, Head of FICC Technical Analysis at Commerzbank. The expert also expects the cross to falter in these levels, resuming the decline afterwards.

Forex Flash: EUR & GBP recover on signs of US economic slowdown - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ note that the euro and pound squeezed higher against the US dollar yesterday in part driven by building evidence that the US economy appears to have lost some momentum heading into Q2.
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Forex: EUR/GBP eases back into range

Despite volatile price action yesterday in and around the BoE and ECB meets, EUR/GBP has moved back into the range that it has held for the most part of the week so far.
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