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20 Mar 2013
Forex Flash: What lies ahead of the EUR/USD? – Commerzbank and UBS
FXstreet.com (Barcelona) - The euro has regained the 1.2900 handle on Wednesday despite the lack of progress in the Cypriot front. According to market chat, Cyprus’s officials would now be looking to Russia for financial aid, after the Parliament voted against the levy on deposits yesterday.
“EUR/USD dropped through the 200 day moving average at 1.2876 to 1.2844 yesterday. Below it our downside target remains to be seen at 1.2679/61. This is where the 61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low meet”, argued Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Furthermore, G.Yu and G.Berry subscribe to the bearish outlook on the cross, suggesting, “Focus is on the next major support at 1.2662, a break below this would be a bearish development in the long term. Resistance is at 1.2996 ahead of 1.3107”.
“EUR/USD dropped through the 200 day moving average at 1.2876 to 1.2844 yesterday. Below it our downside target remains to be seen at 1.2679/61. This is where the 61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low meet”, argued Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Furthermore, G.Yu and G.Berry subscribe to the bearish outlook on the cross, suggesting, “Focus is on the next major support at 1.2662, a break below this would be a bearish development in the long term. Resistance is at 1.2996 ahead of 1.3107”.