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15 May 2015
What’s in store for EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD has reverted the negative start and is now back around the area of 1.1400 after finding support in the 1.1385/80 band.
In the view of analysts at UOB Group, “EUR easily took out the 1.1390 resistance to touch a high of 1.1438. While further EUR strength is still likely, the short-term rally appears to be over-extended which could lead to a pull-back first. Allow for a dip to 1.1360 but 1.1320 is expected to hold for a move higher to test the strong resistance at 1.1450”.
“EUR/USD continues to inch higher and will shortly encounter the 1.1513/34 February high and 50% retracement – this is an interim target and may provoke some profit taking. Above here lies the double Fibonacci retracement at 1.1808/1.1775”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In the view of analysts at UOB Group, “EUR easily took out the 1.1390 resistance to touch a high of 1.1438. While further EUR strength is still likely, the short-term rally appears to be over-extended which could lead to a pull-back first. Allow for a dip to 1.1360 but 1.1320 is expected to hold for a move higher to test the strong resistance at 1.1450”.
“EUR/USD continues to inch higher and will shortly encounter the 1.1513/34 February high and 50% retracement – this is an interim target and may provoke some profit taking. Above here lies the double Fibonacci retracement at 1.1808/1.1775”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.