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Flash: What can we expect of the EUR/USD? – Commerzbank and TD Securities

FXstreet.com (Barcelona) - The shared currency is gyrating around the key level at 1.2900 on Tuesday, keeping the weekly range as markets resumed their activity after yesterday’s holidays in the UK and US.

Axel Rudolph, Senior Technical Analyst at Commerzbank, commented, “Key short term resistance is seen along the resistance line drawn from the February peak which is located at 1.3102. Only an unexpected rise above the 1.3243 May high would negate our bearish outlook”.

In addition, G.Moore and S.Osborne, FX Strategists at TD Securities, suggested, “The salient feature of the weekly chart remains the potential Head & Shoulders top/bear reversal… EUR/USD is on course for a push below the 1.2786 neckline trigger in the next few weeks. The formation targets a drop of almost exactly 10 big figures from the breakdown point (a little under 1.18, in other words)”.

Cable has dipped below 1.5100 the figure

After a period of consolidation above the figure from overnight lows 1.5064, the pair has dipped lower to make a session low at 1.5083.
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Flash: EUR/USD finds support as GBP/USD watches Carney entrance - OCBC Bank

Emmanuel Ng of OCBC Bank notes that EUR/USD found partial support while GBP/USD looks focused on the pending arrive of Carney at the BoE.
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