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16 Aug 2013
Flash: What does the EUR/USD have to offer? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The EUR/USD finally managed to leave behind the critical barrier at 1.3300 on Thursday, advancing to the vicinity if 1.3370 albeit cashing up some gains afterwards to the current area of 1.3330/40.
Axel Rudolph, Senior Technical Analyst at Commerzbank, commented, “A rise above the 1.3420 level would suggest ongoing strength to 1.3500/20, the minor psychological level and 13th February high. This is regarded as the last defence for the 1.3711 February high. We do not favour such a strong rise, though”.
In addition, Geoffrey Yu and Gareth Berry, Strategists at UBS, commented, “With bullish conditions in place, the first resistance focus is at 1.3417, a break above which would open 1.3520. Support is at 1.3206 ahead of 1.3154”. It is worth noting that the Swiss bank holds a bullish outlook on the pair.
Axel Rudolph, Senior Technical Analyst at Commerzbank, commented, “A rise above the 1.3420 level would suggest ongoing strength to 1.3500/20, the minor psychological level and 13th February high. This is regarded as the last defence for the 1.3711 February high. We do not favour such a strong rise, though”.
In addition, Geoffrey Yu and Gareth Berry, Strategists at UBS, commented, “With bullish conditions in place, the first resistance focus is at 1.3417, a break above which would open 1.3520. Support is at 1.3206 ahead of 1.3154”. It is worth noting that the Swiss bank holds a bullish outlook on the pair.