30 Oct 2013
Flash: EUR/USD around 1.3760. FOMC looms. What next? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The single currency has now recovered the smile, pushing the EUR/USD to the positive ground after decent figures from the German labour market and ahead of the key FOMC meeting due in the European evening.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “is pulling back from the 61.8% retracement of the move down from 2011 (at 1.3833). Directly above here lies the top of the channel at 1.3874 and this represents the last defence for the major resistance at 1.3958/1.4002 band”.
Analysts at the Swiss lender UBS remain bullish on the pair, suggesting, “the recent setback is staged from the critical resistance at 1.3833. This move lower is viewed as a correction within a bullish trend and a downside will be limited. Support is at 1.3695 ahead of 1.3610”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “is pulling back from the 61.8% retracement of the move down from 2011 (at 1.3833). Directly above here lies the top of the channel at 1.3874 and this represents the last defence for the major resistance at 1.3958/1.4002 band”.
Analysts at the Swiss lender UBS remain bullish on the pair, suggesting, “the recent setback is staged from the critical resistance at 1.3833. This move lower is viewed as a correction within a bullish trend and a downside will be limited. Support is at 1.3695 ahead of 1.3610”.