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May 7, 2013
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”.
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”.