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23 May 2013
Flash: What can we do with the EUR/USD? – Commerzbank and UBS
FXstreet.com (Barcelona) - The bloc currency is trading in session highs in the vicinity of the key mark at 1.2900 on Thursday, after flash PMI prints above estimates in Germany and EMU are bolstering the sentiment.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “EUR/USD has probably already ended its near term correction higher at 1.2998 yesterday. While it remains below this level, last week’s 1.2796 low remains in focus. It is considered to be the last defence for the 1.2740 April”.
In addition, Strategists G.Berry and G.Yu at UBS remain bearish on the pair, adding, “Yesterday’s sharp sell-off brings focus back on support at 1.2797. A break below this would expose 1.2746 ahead of the important 1.2662. Resistance is at 1.3020”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “EUR/USD has probably already ended its near term correction higher at 1.2998 yesterday. While it remains below this level, last week’s 1.2796 low remains in focus. It is considered to be the last defence for the 1.2740 April”.
In addition, Strategists G.Berry and G.Yu at UBS remain bearish on the pair, adding, “Yesterday’s sharp sell-off brings focus back on support at 1.2797. A break below this would expose 1.2746 ahead of the important 1.2662. Resistance is at 1.3020”.