Filed Under:
Forex pairs in this Article » EUR/USD
FXstreet.com (Barcelona) - The bloc currency remains locked within a narrow range on Tuesday around 1.3120, isolated from the mixed results in the euro zone and Germany, showing that the euro area is still in the recession territory.

Karen Jones, Head of FICC Technical Analysis at Commerzbank comments "Intraday rallies should now find resistance at 1.3149/85 and we suspect will remain capped by 1.3310. This will leave attention on the 1.2970 2012-2013 uptrend. Failure here will target 1.2675/61 (initially)".

"If the market were to break the 1.3025 level to the downside we also posit the pair could accelerate quite quickly lower, representing a trend line break as well as a head and shoulders pattern so another figure lower to 1.2906 and even 1.2775 would become the targets", adds William Moore, Technical Markets Strategist at RBS.

In addition, both analysts at UBS Gareth Berry and Geoffrey Yu remain neutral on the cross, arguing "A recovery through resistance at 1.3185 is required to resume strength, exposing the next major point at 1.3308. Support lies at 1.2985/09".
comments powered by Disqus