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

FXstreet.com (Barcelona) - The bloc currency remains in a narrow range between 1.3060 and 1.3085 into the European open on Friday, retracing ground after another failed attempt to reach 1.3090/1.3100. A second-tier docket in the bloc would leave the cross exposed to the risk trends, against the backdrop of the G20 meeting and the upcoming IMF gathering.

The Swiss bank UBS remains neutral on the cross. Strategists G.Berry and G.Yu commented, “Support is at 1.2974 ahead of 1.2920. Resistance is at 1.3126 ahead of the more critical 1.3228”.

“Intraday the market has found some support at 1.3000/1.2995 and this guards the 200 day ma at 1.2930 en route to the 1.2740 recent low”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank. The expert added that upside attempts beyond 1.3225 would open the door to 1.3340 and then 1.3503, although this scenario is not favoured.

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