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27 Mar 2013
Forex Flash: What does the EUR/USD have to offer? – Commerzbank and UBS
FXstreet.com (Barcelona) - The single currency is grinding lower on Wednesday, trading in the area of 1.2770/75, levesl last seen in November, as jitters on Cyprus and poor euro zone data have been weighting on the cross.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments, “EUR/USD’s outlook is negative. It charted a fairly tight range yesterday following its close below the 200 day moving average for the first time since November 2012. The market remains directly offered intraday below 1.3037/50 and targets 1.2679/61”.
In addition, G.Yu and G.Berry, Strategists at the Swiss bank UBS, remain bearish on the cross, arguing “As bearish trend conditions persist, there is scope for weakness and a break below 1.2736 would expose 1.2662. Resistance is at 1.2890 ahead of 1.3048”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments, “EUR/USD’s outlook is negative. It charted a fairly tight range yesterday following its close below the 200 day moving average for the first time since November 2012. The market remains directly offered intraday below 1.3037/50 and targets 1.2679/61”.
In addition, G.Yu and G.Berry, Strategists at the Swiss bank UBS, remain bearish on the cross, arguing “As bearish trend conditions persist, there is scope for weakness and a break below 1.2736 would expose 1.2662. Resistance is at 1.2890 ahead of 1.3048”.