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13 Apr 2015
What’s in store for EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD is now transiting the lower bound of the range near the 1.0580 area, amidst a continuation of the risk-off trade.
“The 1.0600 target indicated last Friday was exceeded with a low of 1.0567. While the down-move appears incomplete, any further weakness is likely limited to a test of the 1.0550 support. Allow for a rebound to 1.0640 but 1.0685 is expected to cap for a move to 1.0550”, suggested analysts at UOB Group.
Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “came under increasing downside pressure all last week – having once again failed to overcome the 1.1036/98 resistance area (made up of the March 18 high and the January low). We look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 March low”.
“The 1.0600 target indicated last Friday was exceeded with a low of 1.0567. While the down-move appears incomplete, any further weakness is likely limited to a test of the 1.0550 support. Allow for a rebound to 1.0640 but 1.0685 is expected to cap for a move to 1.0550”, suggested analysts at UOB Group.
Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “came under increasing downside pressure all last week – having once again failed to overcome the 1.1036/98 resistance area (made up of the March 18 high and the January low). We look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 March low”.