9 Dec 2013
Flash: EUR/USD consolidating above 1.3700. Where to now? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The EUR/USD is extending last week’s momentum, now looking to consolidate the recent upside beyond 1.3700 the figure.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “remains bid and has reached the 78.6% retracement at 1.3718. This is seen as the last defense for the 1.3833 recent peak. This together with 1.3940/60 (50% retracement of the move down from 2008 and the 5 year resistance line) offers formidable resistance and we look for failure here”.
Strategists at UBS remain bullish on the pair, arguing, “the pair extended its strength, and there is no major resistance until 1.3833. A close above which would be an important bullish event. Support is at 1.3621”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “remains bid and has reached the 78.6% retracement at 1.3718. This is seen as the last defense for the 1.3833 recent peak. This together with 1.3940/60 (50% retracement of the move down from 2008 and the 5 year resistance line) offers formidable resistance and we look for failure here”.
Strategists at UBS remain bullish on the pair, arguing, “the pair extended its strength, and there is no major resistance until 1.3833. A close above which would be an important bullish event. Support is at 1.3621”.