Forex Flash: What's next for EUR/USD? Commerzbank and UBS
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - The single currency is prolonging its downside from yesterday's post-Greek deal levels around 1.3010, falling almost one big figure to today's lows in the boundaries of 1.2910, despite the slight bias towards the risk-associated assets.
Karen Jones, expert at Commerzbank, believes the cross could have topped for now according to technical studies. She adds "The 55 day ma at 1.2918 should now act as a near term break down point and below here will alleviate immediate topside pressure for a slide back to 1.2799 the 200 day ma en route to the 1.2661 November peak. We continue to regard the 1.3173/80 resistance as an interim peak for the market".
On the opposite side, analyst Gareth Barry at UBS confirms the bank's bullish outlook on the cross, arguing "The pair failed from resistance at 1.3023. Any downside appears to be limited and support at 1.2876 should hold. A break above 1.3023 would open 1.3172".
Karen Jones, expert at Commerzbank, believes the cross could have topped for now according to technical studies. She adds "The 55 day ma at 1.2918 should now act as a near term break down point and below here will alleviate immediate topside pressure for a slide back to 1.2799 the 200 day ma en route to the 1.2661 November peak. We continue to regard the 1.3173/80 resistance as an interim peak for the market".
On the opposite side, analyst Gareth Barry at UBS confirms the bank's bullish outlook on the cross, arguing "The pair failed from resistance at 1.3023. Any downside appears to be limited and support at 1.2876 should hold. A break above 1.3023 would open 1.3172".
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