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Flash: Further weakness expected - Commerzbank

FXstreet.com (London) - The EUR/JPY had been pretty sidelined all week. Commerzbank analysts said that very near term the market is on the defensive, the market is struggling here and the intraday charts are indicating further weakness is likely ahead of recovery.

The teams sight that being below 130.00 opens the way up for a slide to the February high at 127.71 and the 55 day moving average at 128.05 to be revisited. They state that the 6 month uptrend is located at 126.68. Given the 13 count on the weekly chart and the TD perfected set up, they say the market is likely to struggle to make gains beyond the 133.82 recent high and any short term bounce should fail ahead of or around the 132.78 mid- May high.

Flash: Risk tones boosted on upbeat PMI data across Europe – Investec

The EUR/USD is the main focus of market activity this morning as risk sentiment and the various upcoming European Purchasing Managers’ Index releases have driven the single currency back above 1.3000 against the greenback.
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Flash: EUR supported on three accounts - BMO Capital Markets

Broadly speaking, BMO remain of the view that there are three capital flows-related components to EUR strength at this stage, particularly on the cross rates
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