21 Aug 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The single currency is clinging to the 1.3400 handle on Wednesday, as selling interest is building up ahead of the FOMC minutes due this evening in Europe. Traders will closely follow the Committee’s statement looking for any clues regarding the timing of the Fed’s tapering it QE programme.
Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested the recent upside of EUR/USD could open the door to another test of 1.3500/20, although this scenario would not be favoured. On the flip side, he added, “Only a, for now, unexpected drop through the 1.3208/1.3188 support area will alleviate upside pressure. Failure here will target the 1.3000 region”.
Strategists Geoffrey Yu and Gareth Berry at UBS remain bullish on the pair, signalling, “With the trending/momentum indicators pointing higher, there is scope for more upside. Resistance is at 1.3520 ahead of the critical 1.3711. Support is at 1.3311 ahead of 1.3206”.
Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested the recent upside of EUR/USD could open the door to another test of 1.3500/20, although this scenario would not be favoured. On the flip side, he added, “Only a, for now, unexpected drop through the 1.3208/1.3188 support area will alleviate upside pressure. Failure here will target the 1.3000 region”.
Strategists Geoffrey Yu and Gareth Berry at UBS remain bullish on the pair, signalling, “With the trending/momentum indicators pointing higher, there is scope for more upside. Resistance is at 1.3520 ahead of the critical 1.3711. Support is at 1.3311 ahead of 1.3206”.