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5 Aug 2013
Flash: What does the EUR/USD have to offer? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The bloc currency is trading on a softer tone at the beginning of the week, dragging the EUR/USD to test session lows in the area of 1.3265/60 ahead of services PMI results from he euro area, the Sentix index and June’s retail sales.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “held relatively steady below the 2013 resistance line currently at 1.3336 - directly overhead lies key resistance at 1.3346/1.3417… Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure”.
Strategists Geoffrey Yu and Gareth Berry at UBS remain bullish on the pair, arguing “With the bull trend intact, as reflected by the MACD above its zero line potential is for the pair to move above 1.3345 to test the key resistance at 1.3417. Support is at 1.3120”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “held relatively steady below the 2013 resistance line currently at 1.3336 - directly overhead lies key resistance at 1.3346/1.3417… Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure”.
Strategists Geoffrey Yu and Gareth Berry at UBS remain bullish on the pair, arguing “With the bull trend intact, as reflected by the MACD above its zero line potential is for the pair to move above 1.3345 to test the key resistance at 1.3417. Support is at 1.3120”.