EURUSD – With the MACD above its zero line, reflecting a bull trend, the resistance focus is at 1.3404, the January 14 high. A break above this would signal the end of the recent choppy activity and trigger a fresh upside leg, looking for a test of at least the significant 1.3493, the 50% retracement of the May 2011 to July 2012 bear trade, which links with the 1.3487 February 2012 highs. We maintain the long established at 1.3272, targeting 1.3490, with stops placed at 1.3245, just under the 38% retracement of this month’s advance.
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UBS Investment Bank