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What lies ahead for EUR/USD? – Commerzbank and Danske Bank

FXStreet (Edinburgh) - After hitting fresh tops just below 1.2700 the figure on Thursday, EUR/USD continues its correction lower to the current 1.2630 area pre-NFP.

“The longer term outlook remains bearish and we maintain a target the 200 month ma at 1.2215. Below 1.2571 the next support is the 1.2460, a 78.6% retracement”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

In addition, Senior Analyst Flemming Nielsen at Danske Bank, suggested, “we still expect growth and monetary policy divergence between the euro-zone and the US to continue to weigh on EUR/USD over the coming three months and we forecast EUR/USD at 1.25 in 1M, 1.22 in 3M, 1.20 in 6M and 1.23 in 12M

European Monetary Union Retail Sales (YoY) above expectations (0.5%) in August: Actual (1.9%)

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