Comments and forex-analytics from FBS Brokerage Company - page 24
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Commerzbank: negative outlook for EUR/USD
The single currency advanced versus the greenback from the minimums in the 1.4020 area hit at the end of March limited by the 1995 maximum at 1.4535.
Technical analysts at Commerzbank claim that the outlook for the pair EUR/USD has now turned negative. In their view, as long as euro is trading below 1.4535 the bears dominate the market and the pair risks falling to the key support at 1.4279 that is the 4-month uptrend channel support line.
The break above 1.4535 will be confirmed if the European currency closes the week above this level. According to the bank, the bulls will eventually win and EUR/USD will manage to overcome the mentioned resistance. In such case the outlook will change to neutral/bullish.