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13 Feb 2013
Forex Flash: What can we expect of EUR/USD? – UBS and Commerzbank
The bloc currency is extending its congestion pattern centred around 1.3450/60, against a backdrop of statements and rumours around the G7 an the G20 regarding the ‘currency wars’.
The Swiss bank UBS remains bullish on the cross, after its Strategists G.Yu and G.Berry explained, “The next resistance is at 1.3518 ahead of 1.3564, a break above this would open the way to 1.3711. Support is at 1.3325 ahead of 1.3270”.
In addition, Karen Jones – Head of FICC Technical Analysis at Commerzbank – suggested, “The intraday Elliott wave count is implying that a rebound should terminate circa 1.3472/1.3518 - the 50% retracement of the recent sell off, our target remains 1.3270/56”. The expert added that the market should breach 1.3164 (7-month uptrend) to neutralize the upside bias.
The Swiss bank UBS remains bullish on the cross, after its Strategists G.Yu and G.Berry explained, “The next resistance is at 1.3518 ahead of 1.3564, a break above this would open the way to 1.3711. Support is at 1.3325 ahead of 1.3270”.
In addition, Karen Jones – Head of FICC Technical Analysis at Commerzbank – suggested, “The intraday Elliott wave count is implying that a rebound should terminate circa 1.3472/1.3518 - the 50% retracement of the recent sell off, our target remains 1.3270/56”. The expert added that the market should breach 1.3164 (7-month uptrend) to neutralize the upside bias.