Forex Flash: What do banks think of EUR/USD?

Forex Flash: What do banks think of EUR/USD?

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Forex Flash: What do banks think of EUR/USD? - Commerzbank, Danske Bank and UBS

FITITOL--> FXstreet.com (Barcelona) - The three banks disagree once again on trading strategies based on the pair. The Copenhagen based bank, Danske Bank, says in its daily technical report to go “long at 1.3220 for 1.3368 objective, stop 1.3155.", while Commerzbank suggests to “short 1.3227, stop 1.3305. Cover 1.3000”. UBS's Geoffrey Yu believes the pair will be at 1.30 for the next month and at 1.25 in the next 3 months.

The latest figures for Germany's and the EMU's PMI and unemployment rates displayed a bleaker picture for the eurozone. Both PMI's came out worse than expected, falling to 46.2 and 45.9 (from 48.4 and 46.0). Germany's unemployment rate came short of expectations as well, increasing to 6.8% and adding 19K more to unemployment (instead of a 10K drop). The EMU's unemployment rate came in line with expectations, rising to 10.9%.

The pair is currently trading at 1.3142, losing 0.70%.