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28 May 2013
Flash: What can we expect of the EUR/USD? – Commerzbank and TD Securities
FXstreet.com (Barcelona) - The shared currency is gyrating around the key level at 1.2900 on Tuesday, keeping the weekly range as markets resumed their activity after yesterday’s holidays in the UK and US.
Axel Rudolph, Senior Technical Analyst at Commerzbank, commented, “Key short term resistance is seen along the resistance line drawn from the February peak which is located at 1.3102. Only an unexpected rise above the 1.3243 May high would negate our bearish outlook”.
In addition, G.Moore and S.Osborne, FX Strategists at TD Securities, suggested, “The salient feature of the weekly chart remains the potential Head & Shoulders top/bear reversal… EUR/USD is on course for a push below the 1.2786 neckline trigger in the next few weeks. The formation targets a drop of almost exactly 10 big figures from the breakdown point (a little under 1.18, in other words)”.
Axel Rudolph, Senior Technical Analyst at Commerzbank, commented, “Key short term resistance is seen along the resistance line drawn from the February peak which is located at 1.3102. Only an unexpected rise above the 1.3243 May high would negate our bearish outlook”.
In addition, G.Moore and S.Osborne, FX Strategists at TD Securities, suggested, “The salient feature of the weekly chart remains the potential Head & Shoulders top/bear reversal… EUR/USD is on course for a push below the 1.2786 neckline trigger in the next few weeks. The formation targets a drop of almost exactly 10 big figures from the breakdown point (a little under 1.18, in other words)”.