EUR/USD: daily update
EUR/USD made a big decline yesterday closing by 95 pips below the opening level. The pair has found support around $1.3200/3190.
In our view, the bias is to the downside and will remain so until the single currency is trading below $1.3345. Euro has reached resistance line connecting February and June highs around $1.3325. Further support lies at $1.3180, $1.3160, $1.3106 and $1.3085. Resistance is at $1.3260, $1.3325/45 ahead of $1.3415.
Still though, UBS says that the bullish trend is for now intact and potential is for the pair to move above $1.3302 to test the key resistance at $1.3417 as long as support at $1.3120 holds. Commerzbank underlines, that a close below $1.3205 is needed to alleviate upside pressure and for EUR/USD to target $1.3000.
Chart. H4 EUR/USD