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6 Mar 2013
Forex Flash: What lies ahead of EUR/USD? – Commerzbank and UBS
The euro remains trapped around the mid 1.3000s on Wednesday, extending the congestion pattern seen overnight and waiting for the Q4 EMU GDP figures due later.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the cross would be absorbing late losses, but she warns, “However at this stage we consider that while rallies are contained by the accelerated downtrend at 1.3221, the market will remain directly offered”.
G.Yu and G.Berry, Strategists at UBS, remain bearish on the cross, adding, “A closing break below 1.2997 would be an important bearish development, exposing 1.2877. Any upside will be limited, with resistance at 1.3162”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the cross would be absorbing late losses, but she warns, “However at this stage we consider that while rallies are contained by the accelerated downtrend at 1.3221, the market will remain directly offered”.
G.Yu and G.Berry, Strategists at UBS, remain bearish on the cross, adding, “A closing break below 1.2997 would be an important bearish development, exposing 1.2877. Any upside will be limited, with resistance at 1.3162”.