23 Mar 2015
What’s in store for EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD is trading on the back footing on Monday, currently testing the key support at 1.0800.
“Against our expectations, EUR continues to trade in a volatile manner swinging from a low of 1.0648 to a high of 1.0881. The current undertone is still positive and further up-move to 1.0890 is expected. Only a move back below 1.0750 would indicate that the immediate upward pressure has eased”, commented analysts at UOB Group.
In addition, Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested the pair “remains below the three month downtrend line at 1.0991. While it also stays below last week’s high at 1.1037 we will retain our bearish bias. We continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 current March low”.
“Against our expectations, EUR continues to trade in a volatile manner swinging from a low of 1.0648 to a high of 1.0881. The current undertone is still positive and further up-move to 1.0890 is expected. Only a move back below 1.0750 would indicate that the immediate upward pressure has eased”, commented analysts at UOB Group.
In addition, Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested the pair “remains below the three month downtrend line at 1.0991. While it also stays below last week’s high at 1.1037 we will retain our bearish bias. We continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 current March low”.