26 May 2015
What’s in store for EUR/USD? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD remains entrenched in the negative territory during the first half of the week, on its way to challenge the key support at 1.0900.
Karen Jones, Head of FICC Technical Analysis noted the pair “has eroded the key short term support offered by 1.1052, the 26th March high and the 1.1070 support line. The close below here has negated upside pressure and attention is now focused on the downside”.
In addition, analysts at UOB Group suggested “In line with expectation, EUR moved lower to test the 1.0960 support. The weak rebound from the low is probably part of a consolidation phase. Expect sideway trading from here, likely between 1.0950 and 1.1030”.
Karen Jones, Head of FICC Technical Analysis noted the pair “has eroded the key short term support offered by 1.1052, the 26th March high and the 1.1070 support line. The close below here has negated upside pressure and attention is now focused on the downside”.
In addition, analysts at UOB Group suggested “In line with expectation, EUR moved lower to test the 1.0960 support. The weak rebound from the low is probably part of a consolidation phase. Expect sideway trading from here, likely between 1.0950 and 1.1030”.