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22 Nov 2013
Flash: EUR/USD made it through 1.3500. Where to now? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The EUR/USD is now consolidating gains above 1.3500 the figure after upbeat results from the German docket - via final Q3 GDP figures and the IFO indicator – have boosted the single currency in early trading.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The 55 day ma at 1.3525 offers initial resistance and key resistance is regarded as 1.3584, while capped here our immediate outlook is bearish”.
In the same direction, strategists at UBS argued “with bearish conditions intact, any recovery will be limited to resistance at 1.3579. Support is at 1.3400, a break below would expose 1.3293”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The 55 day ma at 1.3525 offers initial resistance and key resistance is regarded as 1.3584, while capped here our immediate outlook is bearish”.
In the same direction, strategists at UBS argued “with bearish conditions intact, any recovery will be limited to resistance at 1.3579. Support is at 1.3400, a break below would expose 1.3293”.