29 Nov 2013
Flash: What can we do with the EUR/USD? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The euro seems to have found decent support around 1.3600 the figure on Friday, pushing the EUR/USD to recover some pips ahead of the key inflation and unemployment figures in the euro area.
Karen Jones, Head of FICC Technical Analysis at Commerzban, suggested there is no changes regarding the pair’s outlook: “near term strength continues to be viewed as corrective and we continue to view the pattern as a potential rising wedge pattern. The top of the pattern is at 1.3622 and a close below 1.3461 will complete it”.
In addition, Strategists at UBS keep the neutral stance on the pair, arguing, “the pair extended its recovery and is held by strong resistance at 1.3627. A close above which would be positive, opening the way to the next major 1.3821. Support is at 1.3558 ahead of 1.3490”.
Karen Jones, Head of FICC Technical Analysis at Commerzban, suggested there is no changes regarding the pair’s outlook: “near term strength continues to be viewed as corrective and we continue to view the pattern as a potential rising wedge pattern. The top of the pattern is at 1.3622 and a close below 1.3461 will complete it”.
In addition, Strategists at UBS keep the neutral stance on the pair, arguing, “the pair extended its recovery and is held by strong resistance at 1.3627. A close above which would be positive, opening the way to the next major 1.3821. Support is at 1.3558 ahead of 1.3490”.