FXstreet.com (Barcelona) - The three banks have released their trade recommendations for the day. The Copenhagen based bank, Danske Bank, suggests in its daily technical report to “lower buy at 1.2530 for 1.2786 objective, stop 1.2495", while Commerzbank says “long 1.2675, move the stop from 1.2520 to 1.2540. Partially cover 1.2740 looking to reverse all longs 1.2825/55 – tight stops.” UBS’s Gareth Berry still sees the cross at 1.20 in the next three months and at 1.15 in the next twelve months.
The Greek elections have given a majority to both pro bailout parties (ND and PASOK), winning 162 seats of the 300 seat parliament. The news sparked a short lived rally yesterday and fear has returned to markets, with the sustainability of Greece’s and Spain’s fiscal problems in the crosshairs of the euro-debt crisis.
The pair is currently trading at 1.2594, rising by 0.14%.