23 Jul 2013
Flash: What does the EUR/USD have to offer? – UBS and Commerzbank
FXstreet.com (Edinburgh) -The single currency keeps the upper end of today’s range, hovering over the key level at 1.3200 as the risk-appetite continues to gather traction amongst traders. After hitting overnight peaks in the proximities of 1.3210, the pair retraced ground to 1.3180, where buyers lifted the pair beyond 1.3200 again. The absence of a relevant docket in Europe would surely leave the euro navigating between 1.3180/1.3200.
The Swiss bank UBS is now bullish on the pair. Strategists G.Berry and G.Yu commented “Last night the pair closed above the key resistance at 1.3164. A closing break above this was positive opening 1.3417. Support is at 1.3134 ahead of 1.3052”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “The market stays bid above 1.30 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low”. The expert also added that the recent breakout of 1.3208 would allow further upside to 1.3275 (78.6% Fibo).
The Swiss bank UBS is now bullish on the pair. Strategists G.Berry and G.Yu commented “Last night the pair closed above the key resistance at 1.3164. A closing break above this was positive opening 1.3417. Support is at 1.3134 ahead of 1.3052”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “The market stays bid above 1.30 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low”. The expert also added that the recent breakout of 1.3208 would allow further upside to 1.3275 (78.6% Fibo).