7 Apr 2015
What’s in store for EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - The pair remains on a narrow range on Tuesday, focused on the final releases of the Services PMIs in the euro area.
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, “In late March EUR/USD briefly probed the 1.1037/98 resistance area before being rejected by it. It is made up of the March 18 high and the January low. It has been revisited these past couple of days but as long as it caps we continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 March low”.
Furthermore, analysts at UOB Group added, “The high of 1.1035 yesterday did not reach the 1.1050 target. The sharp drop from the high suggests that 1.1035 is a temporary short-term top. The current movement is likely the early stages of a consolidation phase albeit with a downward bias. Allow for a rebound to 1.0980/85 but 1.1035 is expected to cap for deeper down-move to 1.0880”.
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, “In late March EUR/USD briefly probed the 1.1037/98 resistance area before being rejected by it. It is made up of the March 18 high and the January low. It has been revisited these past couple of days but as long as it caps we continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 March low”.
Furthermore, analysts at UOB Group added, “The high of 1.1035 yesterday did not reach the 1.1050 target. The sharp drop from the high suggests that 1.1035 is a temporary short-term top. The current movement is likely the early stages of a consolidation phase albeit with a downward bias. Allow for a rebound to 1.0980/85 but 1.1035 is expected to cap for deeper down-move to 1.0880”.