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Forx Flash: What to do with the EUR/USD? – UBS and Commerzbank

FXstreet.com (Barcelona) - The bloc currency remains in a narrow range on Tuesday, delimited by 1.3070 and 1.3090 so far, although partially recovering from yesterday’s sell-off on Draghi’s comments.

According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the cross is now meandering around 1.3060/21 after being rejected in the proximities of the 1.3225/43 region. “A break back below the 55 day moving average at 1.3021 remains on the cards and is still needed to confirm a trend reversal lower”, Rudolph concluded.

Furthermore, the Swiss bank UBS remains neutral on the cross, and its Strategists G.Yu and G.Berry added, “Initial support is at 1.3033, a break below this would expose 1.2995 and then 1.2936. Resistance is at 1.3159 ahead of 1.3243”.

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