10 Jun 2013
Flash: What does the EUR/USD have to offer? – UBS and Commerzbank
FXstreet.com (Barcelona) - The EUR/USD is inching higher at the beginning of the week, with market participants still digesting Draghi’s press conference and the better-than-expected US Payrolls in May.
In the opinion of G.Berry and G.Yu at the Swiss lender UBS, “There is a strong resistance at 1.3342. A closing break above which would be positive over the longer term, opening 1.3520. Support is at 1.3112 ahead of 1.3052”. Recall that the bank’s outlook remains bullish.
Karen Jones, Head of FICC Technical Analysis at Commerzbank suggested, “EUR/USD last week rallied to the top of the 3 month channel at 1.3292 currently. Directly above here lies the 61.8% retracement at 1.3340 and it is possible that this was an ‘a-b-c’ correction (wave 4) and this move higher is already complete and over”. The expert reckons that a break below the uptrend - currently at 1.3152 - would alleviate upside pressure.
In the opinion of G.Berry and G.Yu at the Swiss lender UBS, “There is a strong resistance at 1.3342. A closing break above which would be positive over the longer term, opening 1.3520. Support is at 1.3112 ahead of 1.3052”. Recall that the bank’s outlook remains bullish.
Karen Jones, Head of FICC Technical Analysis at Commerzbank suggested, “EUR/USD last week rallied to the top of the 3 month channel at 1.3292 currently. Directly above here lies the 61.8% retracement at 1.3340 and it is possible that this was an ‘a-b-c’ correction (wave 4) and this move higher is already complete and over”. The expert reckons that a break below the uptrend - currently at 1.3152 - would alleviate upside pressure.