The euro is inching higher on Thursday, recovering ground lost after the USD bull run on Wednesday in response to US data above estimates. Ahead in the day, the German IFO indicator will be the main risk event in the bloc, as the EUR will look to find more solid ground to extend the recent rally.
Gareth Berry and Geoffrey Yu, Strategists at UBS, commented, “With the trending and momentum indicators pointing higher, focus is on further upside. Key resistance is at 1.3417. Support is at 1.3134 ahead of 1.3052”. It is worth noting that the bank holds a bullish outlook on the pair.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair’s “current strength is expected to terminate ahead of the 78.6% Fibonacci retracement at 1.3275… The market should react back to 1.30 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low”.
Credits:
FXstreet.com (Edinburgh) -
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