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2 Aug 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The EUR/USD is clinging to the 1.3200 handle on Friday, ahead of the Non farm Payrolls in the US economy due later. Prior surveys expect the figure to be around 185K, giving further impulse to the USD and thus intensifying the ongoing weakness around the EUR.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “has eased back from the 2013 resistance line at 1.3322 but has not succeeded in quite taking out the support circa 1.3205 (we have yet to close below here)… The market is starting to erode the 1.3205 support. A close below here is needed to alleviate upside pressure and target 1.30”.
In addition, Strategists Gareth Berry and Geoffrey Yu at UBS keep the bullish outlook on the pair, arguing, “Yesterday’s sharp sell-off is viewed as a correction to unwind the overextended upside extremes. With the bull trend intact, potential is for the pair to move above 1.3302 to test the key resistance at 1.3417. Support is at 1.3120”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “has eased back from the 2013 resistance line at 1.3322 but has not succeeded in quite taking out the support circa 1.3205 (we have yet to close below here)… The market is starting to erode the 1.3205 support. A close below here is needed to alleviate upside pressure and target 1.30”.
In addition, Strategists Gareth Berry and Geoffrey Yu at UBS keep the bullish outlook on the pair, arguing, “Yesterday’s sharp sell-off is viewed as a correction to unwind the overextended upside extremes. With the bull trend intact, potential is for the pair to move above 1.3302 to test the key resistance at 1.3417. Support is at 1.3120”.