Forex Flash: What can we expect of EUR/USD? – Commerzbank and UBS

FXstreet.com (Barcelona) - The shared currency is trading around 1.0350/55 on Thursday, keeping the lower end of Wednesday’s range, where negative sentiment plus increased selling interest dragged the euro to the boundaries of 1.3000.

“EUR/USD has again failed ahead of the 1.3225/50% retracement. Current indications remain that the market will remain capped here (Elliott wave count and TD perfection set-up) and we look for the resumption of the down move”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

G.Berry and G.Yu, Strategists at UBS, commented, “Support is at 1.2974 ahead of 1.2920. Resistance is at 1.3228”, adding that the Swiss lender changed its outlook to neutral from bullish on the cross.