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12 Mar 2013
Forex Flash: What to do with EUR/USD? – UBS and Commerzbank
The single currency is treading water at the key mark of 1.3000 on Tuesday, as the markets show no signs of a more definite bias so far. The euro docket on Monday and Tuesday proved to be useless to ignite a break in the cross either way.
The Swiss bank UBS still holds a bearish outlook on the cross, as confirmed by Strategists G.Yu and G.Berry, arguing, “Initial support is at 1.2955, a break below would expose 1.2876 ahead of 1.2662. Resistance is at 1.3134”.
“EUR/USD rebounds remain tepid and last week the market failed at the 23.6% retracement of the last leg lower, this is located at 1.3135. Here we also find the accelerated downtrend and while capped here the market remains directly offered”, assessed Karen Jones, Head of FICC technical Analysis at Commerzbank.
The Swiss bank UBS still holds a bearish outlook on the cross, as confirmed by Strategists G.Yu and G.Berry, arguing, “Initial support is at 1.2955, a break below would expose 1.2876 ahead of 1.2662. Resistance is at 1.3134”.
“EUR/USD rebounds remain tepid and last week the market failed at the 23.6% retracement of the last leg lower, this is located at 1.3135. Here we also find the accelerated downtrend and while capped here the market remains directly offered”, assessed Karen Jones, Head of FICC technical Analysis at Commerzbank.