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Forex Flash: What can we expect of EUR/USD? – Commerzbank and UBS

FXstreet.com (Barcelona) - The single currency is holding on to the key level at 1.2900 on Wednesday, managing quite well despite the poor results from GDP figures during the first quarter in France, Germany, Italy and the EMU.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD remains subdued, holding sideways at the base of the cloud and the Fibonacci support at 1.2916/30. Intraday rallies are expected to fail 1.2977/1.3030 and we are now looking for the next leg lower”.

The Swiss bank UBS now changed its outlook to bearish from neutral on the cross, and Strategist Syed M.Mohi-uddin added, “Yesterday’s bearish development was closing break below 1.2936. This development suggests scope for a deeper sell-off to support at 1.2746 and then 1.2662. Resistance is at 1.3029”.

Switzerland: ZEW Survey - Expectations plunges to 2.2 in May

The Swiss ZEW Survey - Expectations decreased to 2.2 in May from 20 in April, according to data released by the Centre for European Economic Research. Market consensus pointed to a rise to 25.
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Commodities Brief – Silver falls below 23.00, gold faces bearish prospects targeting recent lows

The yellow metal has slipped Wednesday, capsizing the prospects of an intraweek recovery and threatening to move below the 1400 mark. Gold prices have picked up during European trading where the Asian session left off, plunging down to the 1408 level (session low), before rallying slightly to USD $1411.26 per oz. in these moments. Gold is finally gathering downside momentum, resuming the overall bearish wave. Overall, a negative view remains plausible, targeting the recently printed lows near 1320.00 level. However, holding below 1478.00 will keep this bearish scenario valid.
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