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12 Sep 2013
Flash: What can we do with the EUR/USD? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The single currency is clinging to the 1.3300 handle on Thursday, posting marginal losses despite the context still favouring the risk-associated assets. After hitting 2-week highs beyond 1.3320 on Wednesday, the EUR/USD is now correcting lower ahead of Draghi’s speech today and US Retail Sales tomorrow.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented after recent peaks around 1.3320, “The Intraday charts are looking more positive and we are less convinced that we will see failure here, Indeed they are currently indicating that we should allow for an extension to the 1.3378/78.6% retracement and even the 1.3453 August high”.
In addition, Strategists G.Yu and G.Berry at UBS noted, “Resistance is at 1.3343, a break above which would extend the recent strength to 1.3452. Support is at 1.3230 ahead of 1.3103”. Recall that the Swiss bank holds a neutral bias on the pair.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented after recent peaks around 1.3320, “The Intraday charts are looking more positive and we are less convinced that we will see failure here, Indeed they are currently indicating that we should allow for an extension to the 1.3378/78.6% retracement and even the 1.3453 August high”.
In addition, Strategists G.Yu and G.Berry at UBS noted, “Resistance is at 1.3343, a break above which would extend the recent strength to 1.3452. Support is at 1.3230 ahead of 1.3103”. Recall that the Swiss bank holds a neutral bias on the pair.