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16 Apr 2013
Forex Flash: What can we expect of the EUR/USD? – Commerzbank and UBS
FXstreet.com (Barcelona) - The single currency is trading around the new comfort zone of 1.3070/80 on Tuesday, trimming yesterday’s losses after the disappointing Chinese GDP figures weighted on risk-associated assets.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “we continue to view the corrective high at 1.3150 as an interim peak. Current indications remain that the market will fail here (Elliott wave count and TD perfection set-up) and we look for the resumption of the down move”.
In addition, Strategists G.Yu and G.Berry at UBS remain neutral on the cross, adding, “Support is at 1.2988, a break below this would expose 1.2896. Resistance is at 1.3138 ahead of 1.3228”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “we continue to view the corrective high at 1.3150 as an interim peak. Current indications remain that the market will fail here (Elliott wave count and TD perfection set-up) and we look for the resumption of the down move”.
In addition, Strategists G.Yu and G.Berry at UBS remain neutral on the cross, adding, “Support is at 1.2988, a break below this would expose 1.2896. Resistance is at 1.3138 ahead of 1.3228”.