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12 Aug 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The shared currency is now bouncing off session lows after dipping to the area of 1.3315/10 during the European morning. The key 1.3400 handle – last week’s peaks - continue to cap the upside attempts so far, leaving the pair meandering around a narrow range.
After the recent bull run to the boundaries of 1.3400, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “There is little to suggest that the market will maintain a break beyond here. Nonetheless the market remains bid above the 1.3337 accelerated uptrend and only loss of the nearby low at 1.3188 will alleviate immediate upside pressure”.
Strategists Gareth Berry and Geoffrey Yu at UBS remain bullish on the pair, arguing “Risk remains for a short-term correction from the key resistance at 1.3417. Support is at 1.3270. A break above 1.3417 would be positive”.
After the recent bull run to the boundaries of 1.3400, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “There is little to suggest that the market will maintain a break beyond here. Nonetheless the market remains bid above the 1.3337 accelerated uptrend and only loss of the nearby low at 1.3188 will alleviate immediate upside pressure”.
Strategists Gareth Berry and Geoffrey Yu at UBS remain bullish on the pair, arguing “Risk remains for a short-term correction from the key resistance at 1.3417. Support is at 1.3270. A break above 1.3417 would be positive”.