Forex Flash: EUR/USD in near term recovery - Commerzbank

The EUR/USD seems to be recovering from the 1.3315/1.3290 area of support (long term Fibo retracement and the 3 month uptrend): “The market has started to erode the near term downtrend at 1.3418 and we would allow for a near term recovery”, wrote analyst Karen Jones. “Provided rallies remain capped by the 1.3520 resistance they will have no impact on our negative bias”, continued the Commerzbank analyst, suggesting another run up to 1.3711 in case of a breach higher. Below, there is a broad band of support extending down to 1.3202: “We have the 16th Jan low, the 61.8% retracement, the 55 day ma and the 3 month support line together with the 7 month uptrend and a close below here is required to negate the up move completely”, she added.

Feb 20, 2013

Forex: NZD/USD recovers the 0.8400 mark

The New Zealand dollar stole the spotlight overnight after RBNZ Governor Wheeler appeared to talk down the currency. According to Research Analyst Gareth Berry at UBS, “It was mostly a matter of perception however the earlier 60 pip drop in the NZD/USD was the result of a handful of carefully-chosen phrases, delivered in the correct sequence, with the correct emphasis.” After bottoming out in the 0.8393 region (session low) earlier today during the onset of European trading, the pair has recovered the mark of 0.8408/10 in these moments.

Forex Flash: What lies ahead of EUR/USD? – Commerzbank and UBS

The bloc currency is picking up pace beyond the key mark at 1.3400 on Wednesday, leaving the comfort zone around 1.3350 bolstered by yesterday’s positive print from the German ZEW Survey...