Back
14 Feb 2013
Forex Flash: What lies ahead of EUR/USD? – UBS, Commerzbank and BTMU
The sentiment surrounding the bloc currency remains depressed on Thursday, after poor data out of the French and German GDP during the fourth quarter, dragging the cross to sub 1.3400 levels.
G.Yu and G.Berry, Strategists at UBS confirm the bank’s bullish stance on the cross, adding “With MACD above its zero line, the risk is for end of the correction. Resistance is at 1.3564 ahead of 1.3711. Support is at 1.3325 ahead of 1.3270”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments, “The intraday Elliott wave count suggested that the rebound should terminate circa 1.3518 - the 50% retracement of the recent sell off and that has now been seen, our target remains 1.3270/55”. The expert also suggests that this level would contain initial pullbacks and if breached then would target 1.3164
In the wake of the German and French data, Currency Analyst at BTMU Lee Hardman, comments, “The euro has weakened modestly following sharper than expected contractions in Q4 GDP in both France and Germany. The data is backward looking now and is expected to have only a temporary impact”.
G.Yu and G.Berry, Strategists at UBS confirm the bank’s bullish stance on the cross, adding “With MACD above its zero line, the risk is for end of the correction. Resistance is at 1.3564 ahead of 1.3711. Support is at 1.3325 ahead of 1.3270”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments, “The intraday Elliott wave count suggested that the rebound should terminate circa 1.3518 - the 50% retracement of the recent sell off and that has now been seen, our target remains 1.3270/55”. The expert also suggests that this level would contain initial pullbacks and if breached then would target 1.3164
In the wake of the German and French data, Currency Analyst at BTMU Lee Hardman, comments, “The euro has weakened modestly following sharper than expected contractions in Q4 GDP in both France and Germany. The data is backward looking now and is expected to have only a temporary impact”.