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22 May 2015
What’s in store for EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD keeps the weekly range around 1.1150/60 pending cues from the Greek-EU debt talks.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “attention remains on the key short term support offered by 1.1052, the 26th March high and the 1.1070 support line. A close below here is needed to negate upside pressure and focus attention on the downside”.
Furthermore, analysts at UOB Group noted “EUR rebounded without testing the major support at 1.1050. The deep pull-back from the high of 1.1181 suggests that the current movement is likely part of a consolidation phase which may last for a couple of days (before an attempt to 1.1050 is likely). For now, expect sideway trading, likely between 1.1075 and 1.1180. An unexpected break below 1.1050 could lead to further selling towards the next support at 1.1000”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “attention remains on the key short term support offered by 1.1052, the 26th March high and the 1.1070 support line. A close below here is needed to negate upside pressure and focus attention on the downside”.
Furthermore, analysts at UOB Group noted “EUR rebounded without testing the major support at 1.1050. The deep pull-back from the high of 1.1181 suggests that the current movement is likely part of a consolidation phase which may last for a couple of days (before an attempt to 1.1050 is likely). For now, expect sideway trading, likely between 1.1075 and 1.1180. An unexpected break below 1.1050 could lead to further selling towards the next support at 1.1000”.