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15 May 2013
Forex Flash: What can we expect of EUR/USD? – Commerzbank and UBS
FXstreet.com (Barcelona) - The single currency is holding on to the key level at 1.2900 on Wednesday, managing quite well despite the poor results from GDP figures during the first quarter in France, Germany, Italy and the EMU.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD remains subdued, holding sideways at the base of the cloud and the Fibonacci support at 1.2916/30. Intraday rallies are expected to fail 1.2977/1.3030 and we are now looking for the next leg lower”.
The Swiss bank UBS now changed its outlook to bearish from neutral on the cross, and Strategist Syed M.Mohi-uddin added, “Yesterday’s bearish development was closing break below 1.2936. This development suggests scope for a deeper sell-off to support at 1.2746 and then 1.2662. Resistance is at 1.3029”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD remains subdued, holding sideways at the base of the cloud and the Fibonacci support at 1.2916/30. Intraday rallies are expected to fail 1.2977/1.3030 and we are now looking for the next leg lower”.
The Swiss bank UBS now changed its outlook to bearish from neutral on the cross, and Strategist Syed M.Mohi-uddin added, “Yesterday’s bearish development was closing break below 1.2936. This development suggests scope for a deeper sell-off to support at 1.2746 and then 1.2662. Resistance is at 1.3029”.