Flash: FOMC is over. EUR/USD above 1.3500. What’s next? – Commerzbank and UBS

September 19, 2013

EDINBURGH-UK   (Sept 19)   The EUR/USD was boosted by very dovish announcements from Chief Bernanke on Wednesday, climbing to fresh multi-month highs beyond 1.3500 the figure.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Initial support is the 1.3453 August high above the 1.3373 accelerated uptrend – only a close below here would alleviate immediate upside pressure and signal a slide back to the 1.3241/1.3163 55 and 200 day ma”. The expert also noted that an attempt to ytd highs at 1.3711 should not be ruled out.

The Swiss bank UBS now holds a bullish outlook on the pair. Strategists G.Yu, G.Berry and Syed Mohi-uddin commented that “Further support developed and with bullish conditions in place, there is no major resistance until 1.3711. Support is at 1.3375”.

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