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

FXstreet.com (Barcelona) - The bloc currency is trading in session lows on Friday, hovering over 1.3065/70 ahead of US retail sales and the speech by Fed’s Bernanke.

“EUR/USD has met its initial target of 1.3111/30. Current indications remain that the market will fail here and we look for the resumption of the down move”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank. The expert added that pullbacks should find support around 1.2975/30 and 1.2909 (200-day moving average).

Against the backdrop of the EcoFin meeting, Strategist Derek Halpenny at BTMU suggested “this is unlikely to move the markets and we expect EUR/USD to remain broadly stable, with a slight bias to the upside”.

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