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7 Mar 2013
Forex Flash: What to do with EUR/USD? – UBS and Commerzbank
The single currency is hovering over session highs on Thursday, regaining the key resistance of 1.3000 and printing fresh intraday highs above 1.3020, ahead of the ECB monetary policy meeting.
G.Yu and G.Berry keep the bearish stance on the cross, suggesting, “As the pair closed below the support at 1.2997, this is a major bearish development, paving the way for weakness to 1.2877. Resistance is at 1.3080”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments that the market would remain offered while trading below the downtrend set from February highs. “EUR/USD is quite frankly struggling to bounce, very near term we note the 13 count on the 240 minute chart and remain unable to dismiss a small rebound ahead of further losses – this strength should be sold into”, recommends the expert.
G.Yu and G.Berry keep the bearish stance on the cross, suggesting, “As the pair closed below the support at 1.2997, this is a major bearish development, paving the way for weakness to 1.2877. Resistance is at 1.3080”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments that the market would remain offered while trading below the downtrend set from February highs. “EUR/USD is quite frankly struggling to bounce, very near term we note the 13 count on the 240 minute chart and remain unable to dismiss a small rebound ahead of further losses – this strength should be sold into”, recommends the expert.