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12 Feb 2013
Forex Flash: What lies ahead of EUR/USD? – Commerzbank and UBS
The shared currency is trading in a defensive position on Tuesday, hovering over the 1.3370/75 region against the backdrop of the Eurogroup gathering and the G20 meeting on Friday.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “We suspect that the market may well have topped, however key support remains the 1.3164 7 month uptrend and a close below here is required to negate the up move completely”.
Strategists G.Yu and G.Berry at UBS inform the Swiss bank is again bullish on the cross, adding, “While strong support at 1.3270 holds, the risk is for resumption of strength. Resistance is at 1.3472 ahead of 1.3564”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “We suspect that the market may well have topped, however key support remains the 1.3164 7 month uptrend and a close below here is required to negate the up move completely”.
Strategists G.Yu and G.Berry at UBS inform the Swiss bank is again bullish on the cross, adding, “While strong support at 1.3270 holds, the risk is for resumption of strength. Resistance is at 1.3472 ahead of 1.3564”.