FXstreet.com (Barcelona) - The single currency left behind the key level at 1.2400, heading north as of writing and reverting the initial negative trend.
According to experts in four banks, the opinions regarding the future price action of the cross remain divided: researchers at Danske Bank are still calling for ‘longs’ with first objective in the 1.2480 region. Geoffrey Yu, analyst at UBS, maintains the target at 1.2000 within one and three months, while Karen Jones, expert at Commerzbank, has not ruled out small upside corrections towards 1.2500, “provided the move is capped by 1.2800, the 2011-2012 down channel our longer term bearish bias is entrenched”. Sean Callow, strategist at Westpac, comments that new ECB measures could be on tap soon, “fuelling short-covering which should initially target 1.2480”
According to experts in four banks, the opinions regarding the future price action of the cross remain divided: researchers at Danske Bank are still calling for ‘longs’ with first objective in the 1.2480 region. Geoffrey Yu, analyst at UBS, maintains the target at 1.2000 within one and three months, while Karen Jones, expert at Commerzbank, has not ruled out small upside corrections towards 1.2500, “provided the move is capped by 1.2800, the 2011-2012 down channel our longer term bearish bias is entrenched”. Sean Callow, strategist at Westpac, comments that new ECB measures could be on tap soon, “fuelling short-covering which should initially target 1.2480”
