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19 Feb 2013
Forex Flash: What lies ahead of EUR/USD? – UBS and Commerzbank
Confusion and lack of conviction seem to be the main characteristics of the sentiment surrounding the shared currency these last sessions, still waiting for any catalyst to break the congestion around 1.3340/50
The neutral outlook remains among analysts at UBS, where G.Yu and G.Berry argue, “There is strong support at 1.3270. Only a closing break below this would trigger deeper sell-off to 1.3187. Resistance is at 1.3393 ahead of 1.3520”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank comments, “Only a recovery above 1.3520 would neutralise the immediate outlook and potentially re-target the 1.3711 February high (not favoured). Initial resistance is the accelerated downtrend at 1.3441”. The expert also added that a close below 1.3202 (7-month uptrend) is necessary to alleviate the upside pressure.
The neutral outlook remains among analysts at UBS, where G.Yu and G.Berry argue, “There is strong support at 1.3270. Only a closing break below this would trigger deeper sell-off to 1.3187. Resistance is at 1.3393 ahead of 1.3520”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank comments, “Only a recovery above 1.3520 would neutralise the immediate outlook and potentially re-target the 1.3711 February high (not favoured). Initial resistance is the accelerated downtrend at 1.3441”. The expert also added that a close below 1.3202 (7-month uptrend) is necessary to alleviate the upside pressure.