Comments and forex-analytics from FBS Brokerage Company - page 37
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Commerzbank: EUR/USD will keep correcting upwards
The single currency went up from 1.4000 versus the greenback last week overcoming the key resistance in the 1.4340/65 area.
Technical analysts at Commerzbank claim that such move of euro means that its upward correction is likely to deepen. In their view, the pair EUR/USD is poised up towards 1.4568/1.4730 (61.8% and 78.6% Fibonacci retracements).
According to the bank, support levels are situated at 1.4300/1.4240. While the European currency is trading higher, the market will remain bullish. If euro breached this area, it will head down to test 1.4003/1.3969 (200-week MA and the recent minimum).
BMO Capital Markets: long-term EUR/USD forecast
Analysts at BMO Capital Markets think that as the pair EUR/USD went down from maximums of early May in the 1.4900 area to 1.3970 it has formed a significant minimum.
According to the specialists, the single currency will rise versus the greenback to 1.4700 in the third quarter of 2011 and to 1.4900 in the final 3 months of the year.
However, the strategists expect euro to go through continuous slump next year falling to 1.4800 in the first quarter of 2012, to 1.4600 in the second one, to 1.4300 in the third quarter and to 1.4100 in the final 3 months of 2012.
Commerzbank: EUR/JPY is moving up to 123.33
The single currency surged yesterday versus Japanese yen. Today the pair EUR/JPY is testing resistance of the 55-day MA at 117.45.
Technical analysts at Commerzbank claim that if euro manages to get above this level it will be poised up to 119.11 and then to the recent maximum at 123.33.
According to the bank, support for the pair is situated at the 200-day MA at 113.23 and 55-week MA at 112.91. The outlook for euro is neutral/positive.