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13 Mar 2015
What’s in store for EUR/USD today? – Commerzbank and UOB
FXStreet (Edinburgh) - EUR/USD is back below the 1.0600 before the opening bell in Europe, coming down from Thursday’s peaks near 1.0700.
“EUR dropped to a fresh low just below 1.0500 before rebounding more than 180 pips to touch a high of 1.0683. The recent strong down-trend has likely ended and the current movement appears to be the start of a consolidation phase. For today, expect further choppy trading within a 1.0550/1.0700 range”, suggested analysts at UOB Group.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “saw interesting price action yesterday around the base of the 30 year channel located at 1.0573. This is major technical support and while it has been traded through we will need to see a close on a weekly basis to confirm a breach. A weekly close below here will introduce scope to the 1.0080, 1.00/0.9900 zone and potentially 0.9610 the 61.8% retracement of the move up from 1985”.
“EUR dropped to a fresh low just below 1.0500 before rebounding more than 180 pips to touch a high of 1.0683. The recent strong down-trend has likely ended and the current movement appears to be the start of a consolidation phase. For today, expect further choppy trading within a 1.0550/1.0700 range”, suggested analysts at UOB Group.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “saw interesting price action yesterday around the base of the 30 year channel located at 1.0573. This is major technical support and while it has been traded through we will need to see a close on a weekly basis to confirm a breach. A weekly close below here will introduce scope to the 1.0080, 1.00/0.9900 zone and potentially 0.9610 the 61.8% retracement of the move up from 1985”.