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26 Apr 2013
Forex Flash: What does the EUR/USD have to offer? – UBS and Commerzbank
FXstreet.com (Barcelona) - The shared currency continues to be trapped within a narrow range on Friday, hovering over 1.3020/25 ahead of the US GDP preliminary figures for the first quarter.
Strategists G.Yu and G.Berry at UBS remain neutral on the cross, adding “Resistance is at 1.3108, a break above this would open the more critical 1.3202 and then 1.3232. Support is at 1.2955 and 1.2920 – a breach here would be a bearish development”.
After the recent unsuccessful attempt of an upside Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “We view this as a minor rebound from the 1.2949 200 day ma. We should see failure shortly and a slide to 1.2839, the 78.6% retracement of the move up in April. This is the last defence for the 1.2740 recent low”
Strategists G.Yu and G.Berry at UBS remain neutral on the cross, adding “Resistance is at 1.3108, a break above this would open the more critical 1.3202 and then 1.3232. Support is at 1.2955 and 1.2920 – a breach here would be a bearish development”.
After the recent unsuccessful attempt of an upside Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “We view this as a minor rebound from the 1.2949 200 day ma. We should see failure shortly and a slide to 1.2839, the 78.6% retracement of the move up in April. This is the last defence for the 1.2740 recent low”