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Forex Flash: EUR/USD targets 1.3270/56 and may have topped - Commerzbank

Commerzbank analysts believe the current rebound should terminate circa 1.3472/1.3518 (50% retracement of the recent sell off) and continue targeting 1.3270/56: “This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3246 3 month support line”, wrote analyst Karen Jones, suspecting “that the market may well have topped, however key support remains the 1.3164 7 month uptrend and a close below here is required to negate the up move completely”. Commerzbank analysts point to recovery above 1.3570 to neutralize the immediate outlook and potentially re-target the 1.3711 February high.

Asian markets rise on US Obama speech, Japan's Nikkei takes profit on G7 commmuniqué

Japan's Nikkei Stock Average allowed profit taking, dropping -0.24% on the day, while Hong Kong's Hang Seng (+0.16%), China's Shanghai Composite (+0.57%), South Korea's Kospi (+1.56%) and India's Bombay Sensitive (+0.52%), rose like the majority of Asian indexes today.
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Forex Flash: USD/JPY may enter deeper retracement after inside day - Commerzbank

Yesterday's inside day may signal a drop to its 240 minute cloud (currently at 92.20), according to Commerzbank analysts. “The intraday Elliott wave count is indicating a deeper retracement to 91.40 and possibly 89.55 is likely prior to another leg higher”, wrote analyst Karen Jones, also noting that the daily RSI has not confirmed the new high and the 13 count on the weekly chart – both suggest a retracement.
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