11 Jun 2013
Flash: What can we do with the EUR/USD? – Commerzbank and UBS
FXstreet.com (Barcelona) - The EUR/USD remains anchored around 1.3265/75 on Tuesday, ahead of the German Constitutional Court hearings on the ECB’s OMT programme due later during the European morning.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “EUR/USD has re-tested the top of the 3 month channel at 1.3293 currently… However we will need a break below the accelerated uptrend at 1.3191 and yesterdays low at 1.3177 in order to alleviate immediate upside pressure”.
Furthermore, Strategists G.Berry and G.Yu at UBS, remain bullish on the pair, adding, “There is a strong resistance at 1.3342. A closing break above which would be positive over the longer term, opening 1.3520. Support is at 1.3178”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “EUR/USD has re-tested the top of the 3 month channel at 1.3293 currently… However we will need a break below the accelerated uptrend at 1.3191 and yesterdays low at 1.3177 in order to alleviate immediate upside pressure”.
Furthermore, Strategists G.Berry and G.Yu at UBS, remain bullish on the pair, adding, “There is a strong resistance at 1.3342. A closing break above which would be positive over the longer term, opening 1.3520. Support is at 1.3178”.