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Forex Flash: What’s next for EUR/USD? – UBS, Danske Bank and Commerzbank

By FXstreet.com,  August 09, 2012, 06:23:00 AM EDT

FXstreet.com (Barcelona) - The bloc currency is trimming Friday's gains, when climbed to levels above 1.2400 after Nonfarm Payrolls figures have boosted bulls' sentiment, sending risk-associated assets to new highs.

Karen Jones, expert at Commerzbank, believes that an "a-b-c" correction could be complete now the EUR hit 1.2410, although she wouldn't discard further upside towards 1.2500. Same as previous days, the outlook remains bearish while trading below the key resistance at 1.2800
The Nordic bank keeps its 'long' recommendation: buying in mid 1.23s targeting the 1.2480 region, in a context of 'wait-and-see' mode meanwhile the ECB decides whether to implement the SMP and Spain thinks about requesting a bailout.
Chris Walker at UBS comments that the EUR/USD target is unchanged at 1.20 for the next one to three months, however the stance at the moment is neutral, and the overcome of 1.2489 resistance remains key to allow further upside.




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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