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28 Mar 2013
Forex Flash: What lies ahead of the EUR/USD? – Commerzbank and BTMU
FXstreet.com (Barcelona) - The single currency is trading in a soft tone on Thursday, reverting initial gains after the unemployment change in Germany rose by 13K, surprising investors. In the meantime, market participants are closely watching the developments in Cyprus, as local banks are expected to re-open to the public at midday.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD charted another weak session following its recent break below its 200 day ma and remains on course for 1.2679/61… We would allow this to hold the initial test and allow for some profit taking here”.
“So far Eurozone assets have come under modest downward pressure this week although the fallout has been relatively muted so far which if continued should help the euro to gradually stabilize in the near-term”, writes Currency Analyst Lee Hardman at BTMU.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD charted another weak session following its recent break below its 200 day ma and remains on course for 1.2679/61… We would allow this to hold the initial test and allow for some profit taking here”.
“So far Eurozone assets have come under modest downward pressure this week although the fallout has been relatively muted so far which if continued should help the euro to gradually stabilize in the near-term”, writes Currency Analyst Lee Hardman at BTMU.