20 Aug 2013
Flash: What lies ahead of the EUR/USD? – UBS and Commerzbank
FXstreet.com (Edinburgh) -The bloc currency is now picking up pace and bouncing off session lows around 1.3330/25 on Tuesday. The EUR/USD would remain in this range-bound pattern at least until tomorrow, as the FOMC will publish its minutes from the last meeting, followed by the Jackson Hole Symposium and the flash PMI prints.
Geoffrey Yu and Gareth Berry, Strategists at UBS, remain bullish on the pair, arguing, “With bullish conditions in place, the first resistance focus is at 1.3417, a break above which would open 1.3520. Support is at 1.3206 ahead of 1.3154”.
In addition, Axel Rudolph, Senior Technical Strategist at Commerzbank, commented the pair “continues to have the June-to-August resistance line at 1.3397 and the August high at 1.3401 in focus. A rise above the latter and the next higher 1.3419 June peak would suggest ongoing strength to 1.3500/20, the minor psychological level and 13th February high”.
Geoffrey Yu and Gareth Berry, Strategists at UBS, remain bullish on the pair, arguing, “With bullish conditions in place, the first resistance focus is at 1.3417, a break above which would open 1.3520. Support is at 1.3206 ahead of 1.3154”.
In addition, Axel Rudolph, Senior Technical Strategist at Commerzbank, commented the pair “continues to have the June-to-August resistance line at 1.3397 and the August high at 1.3401 in focus. A rise above the latter and the next higher 1.3419 June peak would suggest ongoing strength to 1.3500/20, the minor psychological level and 13th February high”.