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21 Feb 2013
Forex Flash: What does EUR/USD have to offer? – Commerzbank and UBS
The shared currency is posting fresh lows in the area around 1.3210/15 on Thursday, extending the bearishness after the post-FOMC rally in the greenback on Wednesday.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented that the cross penetrated the 3-month uptrend, adding “Key support at 1.3202, the 7 month uptrend, is exposed and a close below here is required to negate the up move completely. Please note given strength of the US Dollar elsewhere this is looking increasingly likely”.
After Wednesday’s pronounced decline of the cross, G.Yu and G.Berry, Strategists at UBS, suggested, “Yesterday’s sharp sell-off suggests the risk is for extension of the consolidation phase. Support is at 1.3187 ahead of 1.3063. Resistance is at 1.3434”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented that the cross penetrated the 3-month uptrend, adding “Key support at 1.3202, the 7 month uptrend, is exposed and a close below here is required to negate the up move completely. Please note given strength of the US Dollar elsewhere this is looking increasingly likely”.
After Wednesday’s pronounced decline of the cross, G.Yu and G.Berry, Strategists at UBS, suggested, “Yesterday’s sharp sell-off suggests the risk is for extension of the consolidation phase. Support is at 1.3187 ahead of 1.3063. Resistance is at 1.3434”.