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5 Jun 2013
Flash: What can we do with the EUR/USD? – UBS and Commerzbank
FXstreet.com (Barcelona) - The single currency is trading flat around 1.3080/85 on Wednesday, waiting for the services PMI prints in the euro area to give extra impulse and attempt to break above 1.3100 the figure.
Strategists G.Yu and G.Berry at UBS commented “The latest strength suggests there is potential for extension to test the resistance at 1.3194 and then 1.3243. Support is at 1.2956 ahead of 1.2797”. Recall that the Swiss lender remains neutral on the pair.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, added “the market has yet to clear the top of its daily cloud at 1.3087 or Fibonacci resistance at 1.3115. It will need to close above here to neutralise the immediate outlook and open the possibility of a return to the 1.3225/42 May high. The intraday charts continue to give conflicting signals and our conviction is low”.
Strategists G.Yu and G.Berry at UBS commented “The latest strength suggests there is potential for extension to test the resistance at 1.3194 and then 1.3243. Support is at 1.2956 ahead of 1.2797”. Recall that the Swiss lender remains neutral on the pair.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, added “the market has yet to clear the top of its daily cloud at 1.3087 or Fibonacci resistance at 1.3115. It will need to close above here to neutralise the immediate outlook and open the possibility of a return to the 1.3225/42 May high. The intraday charts continue to give conflicting signals and our conviction is low”.