6 Nov 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The EUR/USD is now deflating below the 1.3500 handle, ahead of the PMI prints from the Services sector and retail sales in Euroland, and Factory Orders results from Germany.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “continues to sit on the 1.3453/20 4 month up channel and 38.2% retracement – the rebound from here has been tepid and the support zone is exposed. Intraday rallies are expected to remain capped by 1.3525/85. Further losses are anticipated”.
Strategists at the Swiss bank UBS keep the neutral bias on the pair, adding, “There is scope for more upside in the near-term to unwind the recent sharp sell-off. Resistance is at 1.3591. Strong support is at 1.3421”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “continues to sit on the 1.3453/20 4 month up channel and 38.2% retracement – the rebound from here has been tepid and the support zone is exposed. Intraday rallies are expected to remain capped by 1.3525/85. Further losses are anticipated”.
Strategists at the Swiss bank UBS keep the neutral bias on the pair, adding, “There is scope for more upside in the near-term to unwind the recent sharp sell-off. Resistance is at 1.3591. Strong support is at 1.3421”.