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

FXstreet.com (Barcelona) - The single currency is falling to weekly lows below the psychological support at 1.3000 on Tuesday, after the flash German manufacturing PMI came in below expectations at 47.9 for the month of April vs. 49 forecasted.

“Near-term support is at 1.3002, a break below which would expose 1.2974 ahead of 1.2920. Resistance is at 1.3129 ahead of 1.3228”, commented Syed M.Mohi-uddin, Strategist at the Swiss lender UBS. It is worth noting that the bank remains neutral on the cross.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the cross “remains on the defensive and attention remains on the 1.3000/1.2995 support. We continue to view the recent failure ahead of the 1.3225/50% retracement as an interim peak”.

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Forex: EUR/USD threatens 1.3000 after weaker German PMI

Unfortunately, the preliminary release of April PMI data by Markit changed its tone in the middle of the publications. After the French PMI services surprise allowing a jump to 1.3083 high just ahead of the European opening, the German data led investors to a selloff, threatening the 1.3000 handle as the market trades at 1.2982 low.
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