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Forex Flash: What lies ahead of EUR/USD? – UBS and Commerzbank

Confusion and lack of conviction seem to be the main characteristics of the sentiment surrounding the shared currency these last sessions, still waiting for any catalyst to break the congestion around 1.3340/50

The neutral outlook remains among analysts at UBS, where G.Yu and G.Berry argue, “There is strong support at 1.3270. Only a closing break below this would trigger deeper sell-off to 1.3187. Resistance is at 1.3393 ahead of 1.3520”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank comments, “Only a recovery above 1.3520 would neutralise the immediate outlook and potentially re-target the 1.3711 February high (not favoured). Initial resistance is the accelerated downtrend at 1.3441”. The expert also added that a close below 1.3202 (7-month uptrend) is necessary to alleviate the upside pressure.

Forex Flash: EUR/USD keeps its eye on 1.3282 - Commerzbank

Yesterday's inside day left analysts' outlook unchanged, as attention remains on the 1.3282 3 month uptrend, with key near term support being 1.3282/56 (16th Jan low, the 61.8% retracement, the 55 day ma and the 3 month support line): "This is likely to hold the initial test – however the risks have increased that we will see an eventual break down through here towards the more important 1.3202 7 month uptrend and a close below here is required to negate the up move completely", wrote analyst Karen Jones. "Only a recovery above 1.3520 would neutralize the immediate outlook and potentially re-target the 1.3711 February high (not favored)", she added, pointing to initial resistance being the accelerated downtrend at 1.3441.
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