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1 May 2013
Forex Flash: What does the EUR/USD have to offer? – Danske Bank and Commerzbank
FXstreet.com (Barcelona) - The shared currency continues to trade unmolested in the area of 1.3165/70 on Wednesday, as thin trade and scarce volume are set to prevail in today’s Labour Day holiday, at least until the Fed gathering due in the European evening.
“The cross has eroded the 2013 resistance line. This has introduced scope to retest the key resistance, which remains the 1.3200/25 recent high and 50% retracement. This is again expected to hold the topside. Further upside probes remain viable while we continue to hold above the 1.3030 short term uptrend”, commented Karen Jones, Head of FICC Technical Analisys at Commerzbank.
In addition, Allen von Mehren, Chief Analyst at Danske Bank, suggested, “We expect a softer rhetoric from the FOMC, underlining that an exit might be delayed further. This is expected to weigh on the dollar and to further support EUR/USD that was pushed above 1.3160 yesterday after the dismal Chicago PMI”.
“The cross has eroded the 2013 resistance line. This has introduced scope to retest the key resistance, which remains the 1.3200/25 recent high and 50% retracement. This is again expected to hold the topside. Further upside probes remain viable while we continue to hold above the 1.3030 short term uptrend”, commented Karen Jones, Head of FICC Technical Analisys at Commerzbank.
In addition, Allen von Mehren, Chief Analyst at Danske Bank, suggested, “We expect a softer rhetoric from the FOMC, underlining that an exit might be delayed further. This is expected to weigh on the dollar and to further support EUR/USD that was pushed above 1.3160 yesterday after the dismal Chicago PMI”.