How will Predictions EUR-USD october 16 2012

forex trading outlook today- How will Predictions EUR-USD october 16 2012 : The single currency is trading almost unchanged as of writing, giving away earlier gains after the cross was propelled to levels shy of 1.2980 soon after the European open, along with an improvement in the risk trends. Interesting week ahead for the euro, where another EU Summit will take place amidst rising skepticism among investors about its outcome.

In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the bounce of 1.2825 “has managed to neutralise the technical indicators, but the market remains sidelined. We continue to suspect that the market will struggle to regain 1.3072. However, while underpinned by te 1.2788 3-month uptrend, further upside probes remain plausible”. In the opposite direction, the expert adds that a breach of 1.2788 would increase the selling pressure towards 1.2605 en route to 1.2472

Geoffrey Yu, researcher at UBS, argues that the Swiss bank maintains its bullish perspective on EUR/USD, suggesting that “a break above 1.2992 would trigger scope for more upside opening the doors to 1.3072 and then 1.3172. Support lies at 1.2802”. Following this idea, Senior Currency Strategist Jane Foley at Rabobank, says that sudden bouts of risk aversion would benefit the greenback although they would be short lived, pointing to pullbacks towards the 1.2600 region in the very near term, while 1.3500 arises in a 12-month view.

Related Post: