2 Jul 2013
Flash: What lies ahead of the EUR/USD? – UBS and Commerzbank
FXstreet.com (Edinburgh) - It seems the EUR/USD found solid support around 1.3000 the figure, at least prior to the ECB monetary policy gathering on Thursday, where consensus expects a dovish statement by both the central bank and the subsequent press conference by Draghi.
Strategists G.Yu and G.Berry at UBS suggest “With the MACD below its zero line, potential is for further downside. Immediate support is at 1.2985 ahead of 1.2797. Resistance is at 1.3150”. It is worth noting that the Swiss bank holds a bearish stance on the pair.
In the same line, Senior Technical Analyst Axel Rudolph at Commerzbank commented, “Directly below the 1.2985 late June low is the 1.2932/1.2885 band (55 week ma, 78.6% retracement and the 2012-2013 support line). We suspect this will hold the initial test ahead of losses to 1.2796, then the 1.2740 April low”.
Strategists G.Yu and G.Berry at UBS suggest “With the MACD below its zero line, potential is for further downside. Immediate support is at 1.2985 ahead of 1.2797. Resistance is at 1.3150”. It is worth noting that the Swiss bank holds a bearish stance on the pair.
In the same line, Senior Technical Analyst Axel Rudolph at Commerzbank commented, “Directly below the 1.2985 late June low is the 1.2932/1.2885 band (55 week ma, 78.6% retracement and the 2012-2013 support line). We suspect this will hold the initial test ahead of losses to 1.2796, then the 1.2740 April low”.