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26 Mar 2013
Forex Flash: What can we expect of EUR/USD? – UBS and Commerzbank
FXstreet.com (Barcelona) - The single currency is posting meagre gains on Tuesday, trading around 1.2855/60 after Monday’s lows in the vicinity of 1.2830
Cyprus remains in centre stage on Tuesday, with finance minister M.Sarris expected to address the next measures regarding capital control.
G.Yu and G.Berry, Strategists at the Swiss lender UBS, confirm the bearish outlook on the cross, arguing, “With the momentum crossing lower again and trending indicators bearish, look for a break under 1.2736 and expose 1.2662. Resistance is at 1.3048”.
In addition, and after the post-deal rally of the euro on Monday, Karen Jones – Head of FICC Technical Analysis at Commerzbank – suggested, “The Elliott wave count on the daily chart is indicating a possible 1.3100/80 rebound before we head lower, but our propensity is to sell ahead of here… Still longer term we target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”.
Cyprus remains in centre stage on Tuesday, with finance minister M.Sarris expected to address the next measures regarding capital control.
G.Yu and G.Berry, Strategists at the Swiss lender UBS, confirm the bearish outlook on the cross, arguing, “With the momentum crossing lower again and trending indicators bearish, look for a break under 1.2736 and expose 1.2662. Resistance is at 1.3048”.
In addition, and after the post-deal rally of the euro on Monday, Karen Jones – Head of FICC Technical Analysis at Commerzbank – suggested, “The Elliott wave count on the daily chart is indicating a possible 1.3100/80 rebound before we head lower, but our propensity is to sell ahead of here… Still longer term we target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”.