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17 Apr 2013
Forex Flash: What does the EUR/USD have to offer? – Commerzbank and UBS
FXstreet.com (Barcelona) - The bloc currency is navigating almost unchanged around 1.3175/80 on Wednesday. The cross found strong buying support on Tuesday, after the poor results from the German ZEW Survey lifted the cross to the 1.3200 figure.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the cross “recovered most of the previous days losses and charted a new 6 week high. We look for the market to fail ahead of the 1.3225/50% retracement”. Jones also comments that pullback attempts should find support around 1.3027/22 ahead of 1.2922.
In addition, the Swiss bank UBS has now changed its outlook to bullish on the cross. G.Yu and G.Berry, Strategists at UBS, argue, “The pair faces a strong resistance at 1.3228, a breach of which would open 1.3342. Support is at 1.3022”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the cross “recovered most of the previous days losses and charted a new 6 week high. We look for the market to fail ahead of the 1.3225/50% retracement”. Jones also comments that pullback attempts should find support around 1.3027/22 ahead of 1.2922.
In addition, the Swiss bank UBS has now changed its outlook to bullish on the cross. G.Yu and G.Berry, Strategists at UBS, argue, “The pair faces a strong resistance at 1.3228, a breach of which would open 1.3342. Support is at 1.3022”.