Back
27 Aug 2013
Flash: What can we do with the EUR/USD? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The single currency is trading on the back footing on Tuesday, bouncing off session lows near 1.3350 ahead of the German IFO indicator due later.
In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, “Only a drop through the next lower 1.3208/1.3188 support area will mean that a significant top has indeed been made… Should an unexpected rise above last week’s 1.3453 high be seen, our view will probably be incorrect. In this case the 1.3500/20 region will be in focus”.
The Swiss bank UBS remains bullish on the pair, with Strategists G.Yu and G.Berry arguing, “Initial resistance is at 1.3452, a break above which would open 1.3520 ahead of 1.3711. Support is at 1.3298 ahead of 1.3206”.
In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, “Only a drop through the next lower 1.3208/1.3188 support area will mean that a significant top has indeed been made… Should an unexpected rise above last week’s 1.3453 high be seen, our view will probably be incorrect. In this case the 1.3500/20 region will be in focus”.
The Swiss bank UBS remains bullish on the pair, with Strategists G.Yu and G.Berry arguing, “Initial resistance is at 1.3452, a break above which would open 1.3520 ahead of 1.3711. Support is at 1.3298 ahead of 1.3206”.