Forex Flash: What to do with EUR/USD? – UBS, Commerzbank and Westpac
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - The single currency is losing some ground on Monday, retreating to the area around 1.3430 as of writing, posting fresh lows and extending its correction since Friday's high at 1.3480
According to G.Yu and G.Berry, strategists at UBS, the Swiss bank remains bullish on the cross, arguing "Resistance is at 1.3404, a break above this would signal the end of the choppy activity, opening the way to 1.3493. Support lies at 1.3350".
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests, "While above 1.3250 an upside bias is maintained for gains towards tough long term resistance at 1.3485/1.3562& This is a tough band of resistance and we look for this to hold the topside and provoke failure".
In line with the above, J.Cavenagh at Westpac says, "As has been the case for sometime, our Q1 target remains the 1.3500 level but a move to the 1.3700-1.3800 can't be ruled out".
According to G.Yu and G.Berry, strategists at UBS, the Swiss bank remains bullish on the cross, arguing "Resistance is at 1.3404, a break above this would signal the end of the choppy activity, opening the way to 1.3493. Support lies at 1.3350".
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests, "While above 1.3250 an upside bias is maintained for gains towards tough long term resistance at 1.3485/1.3562& This is a tough band of resistance and we look for this to hold the topside and provoke failure".
In line with the above, J.Cavenagh at Westpac says, "As has been the case for sometime, our Q1 target remains the 1.3500 level but a move to the 1.3700-1.3800 can't be ruled out".
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