9 Jul 2015
EUR/USD forecast: Greece on top of agenda – Commerzbank and UOB Group
FXStreet (Edinburgh) - The single currency is extending its upside momentum vs. the greenback today, lifting EUR/USD back above the 1.1100 barrier.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has not closed below last weeks low at 1.0950 and is attempting to recover. The market has yet to overcome any resistance of note and as a consequence while capped by the 1.1069/95 resistance line (on a closing basis) our targets are the 1.0819 May low and then the 1.0748 3 month uptrend”.
In addition, analysts at UOB Group suggested “EUR traded choppily but the strong daily closing suggests further upside pressure for today. However, any up-move is still viewed as part of a broad sideway trading range instead of the start of a sustained up-move. Allow for a dip to 1.1040 but 1.1000 is expected to hold”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has not closed below last weeks low at 1.0950 and is attempting to recover. The market has yet to overcome any resistance of note and as a consequence while capped by the 1.1069/95 resistance line (on a closing basis) our targets are the 1.0819 May low and then the 1.0748 3 month uptrend”.
In addition, analysts at UOB Group suggested “EUR traded choppily but the strong daily closing suggests further upside pressure for today. However, any up-move is still viewed as part of a broad sideway trading range instead of the start of a sustained up-move. Allow for a dip to 1.1040 but 1.1000 is expected to hold”.