Flash: what we can do with the EUR/USD? -DB & Commerzbank

FXstreet.com (Barcelona) - the EUR/USD, so far, has suffered a loss of 338 pips from the FOMC statements last week.

Jim Reid, Deutsche Bankmacro strategy, is still awaiting some risks difficult weeks, although this will continue to you with the understanding that the pace of narrowing of the QE will actually be slower than marked on Wednesday, which in turn eventually will offer some good buying opportunities before the end of the summer.

Negative Outlook

Karen Jones, Commezbankanalyst, saw the EUR/USD had aggressively sold last week, moving from 1.3427/46, moving daily average of 200 and 2011-2013 resistance line. Jones says that it's the key resistance and failure here is seen as negative: "the attention is on the support offered by the moving averages 55 and 200 days at 1.3080/73".

Now would be a rebound from here, but Jones suspect that you will have to fight to conquer the 1.3250 zone: "the Elliott wave count suggests that we will see a throwback to 1.3055, taking into account that break below 1.3073/55 will cause losses in direction to 1.2843/1.2796, support line, which protects the minimum of April, 1.2740".