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

FXstreet.com (Edinburgh) -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”.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS