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Forex Flash: What to expect of EUR/USD? – Danske Bank, Commerzbank, UBS and Westpac

By FXstreet.com,  August 07, 2012, 05:12:00 AM EDT

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"




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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