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9 Sep 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The EUR/USD is now trading back to the 1.3170/75 region after attempting a bounce near 1.3190 post-opening bell in London. Very light docket on Monday with only the Sentix index due in the euro area would leave the pair to the mercy of the risk trends.
The Swiss bank UBS now holds a bearish outlook on the pair. Strategists Geoffrey Yu and Gareth Berry commented, “Strong support is at 1.3103, a break below this would extend the weakness to 1.3021. Resistance is at 1.3223”.
In the same direction, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued, “Intraday charts are still indicating that we should allow for a rally of no more than 1.3175/1.3220 ahead of further losses. We look for a slide to 1.3020 and then 1.2904”.
The Swiss bank UBS now holds a bearish outlook on the pair. Strategists Geoffrey Yu and Gareth Berry commented, “Strong support is at 1.3103, a break below this would extend the weakness to 1.3021. Resistance is at 1.3223”.
In the same direction, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued, “Intraday charts are still indicating that we should allow for a rally of no more than 1.3175/1.3220 ahead of further losses. We look for a slide to 1.3020 and then 1.2904”.