1 Jul 2013
Flash: What does the EUR/USD have to offer? – Commerzbank and NAB
Fxstreet.com (Edinburgh) - The shared currency is trading in the positive ground on Monday, lifting the EUR/USD from overnight lows in the vicinity of 1.3000 the figure and now swinging around the boundaries of 1.3030 waiting for PMI prints in the euro area.
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, “We will remain immediately bearish while EUR/USD stays below 1.3103. We maintain a negative stance longer term while capped by 1.3414/39, the 200 week ma and the 2011-2013 resistance line”.
In addition, the research team at the Australian NAB commented “1.30 may be a nice round number but the more important level is around 1.2910; the uptrend drawn off the July 2012 lows. We believe this will be broken in Q3 and re-iterate our forecasts (which have not been changed) for the euro to weaken to 1.27 as the US Dollar returns to favour”.
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, “We will remain immediately bearish while EUR/USD stays below 1.3103. We maintain a negative stance longer term while capped by 1.3414/39, the 200 week ma and the 2011-2013 resistance line”.
In addition, the research team at the Australian NAB commented “1.30 may be a nice round number but the more important level is around 1.2910; the uptrend drawn off the July 2012 lows. We believe this will be broken in Q3 and re-iterate our forecasts (which have not been changed) for the euro to weaken to 1.27 as the US Dollar returns to favour”.