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

FXstreet.com (Barcelona) - The single currency is back around 1.3065/70 on Monday, retracing ground after the elections in Italy lifted the cross to the vicinity of 1.3080/85, despite uncertainties still remains regarding the next steps of the re-elected President G.Napolitano.

“Decent two way price action of late leaves open further tests of 1.3200. We would sell into rallies given underlying EZ economic weakness, feeding into ECB rate cut talk”, suggested Sean Callow, Strategist at Westpac.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “we view the small rebound from 1.3000 as corrective and continue to view the recent failure ahead of the 1.3225/50% retracement as an interim peak”.

The Swiss bank UBS keeps its neutral bias on the cross. Analyst S.M.Mohi-uddin argued, “Support is at 1.2974 ahead of 1.2920. There’s an important resistance at 1.3228”.

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