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Forex Flash: What can we do with the EUR/USD? – UBS and Commerzbank

FXstreet.com (Barcelona) - The shared currency is grinding lower on Thursday, hovering over the mid 1.31s, as we get closer to the ECB monetary policy meeting due in the European midday.

The Swiss bank UBS has changed its outlook on the cross to bullish from neutral. Strategist Syed M.Mohi-uddin commented, “Yesterday the pair tested the critical resistance at 1.3228. Next resistance is at 1.3342. Support is at 1.3055 ahead of 1.2920”.

In the wake of yesterday’s bull run to the key resistance around 1.3225/45, Karen Jones, Head of FICC Technical Analysis, commented, “This is indicated to be the end of the move – however a break back below the short term uptrend at 1.3046 is needed to confirm. Further upside probes remain viable while we continue to hold above here”.

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Forex: USD/CAD falls to 1.0070/77

The USD/CAD has edged lower Thursday, falling nearly 12 pips in recent moments after recording session highs in the region of 1.0090. The movement lower has been accompanied by a return to negative territory as markets brace for events and data in Europe. In these moments the cross has settled at 1.0070/77, down -0.06% during European trading.
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