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Forex Flash: What lies ahead of EUR/USD? – UBS, Commerzbank and BTMU

The sentiment surrounding the bloc currency remains depressed on Thursday, after poor data out of the French and German GDP during the fourth quarter, dragging the cross to sub 1.3400 levels.

G.Yu and G.Berry, Strategists at UBS confirm the bank’s bullish stance on the cross, adding “With MACD above its zero line, the risk is for end of the correction. Resistance is at 1.3564 ahead of 1.3711. Support is at 1.3325 ahead of 1.3270”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments, “The intraday Elliott wave count suggested that the rebound should terminate circa 1.3518 - the 50% retracement of the recent sell off and that has now been seen, our target remains 1.3270/55”. The expert also suggests that this level would contain initial pullbacks and if breached then would target 1.3164

In the wake of the German and French data, Currency Analyst at BTMU Lee Hardman, comments, “The euro has weakened modestly following sharper than expected contractions in Q4 GDP in both France and Germany. The data is backward looking now and is expected to have only a temporary impact”.

Forex Flash: What currency war? - OCBC Bank

Comment Emmanuel Ng of OCBC Bank notes that G10 currencies scattered in differing directions on Wednesday while the JPY was anchored to the dollar ahead of the BOJ meeting today and the G20 meeting this weekend even as global monetary officials continued to comment on the yen.
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Forex: EUR/USD back to 1.3400 ahead of ECB and Italy GDP

The EUR/USD is fragile today, down by -0.39% on the day after the nose dive from 1.3440 to 1.3382 low on flash GDP data in Germany and France. The Eurozone figure is still due to be released, at 10:00 GMT. However, ahead of the ECB monthly report (at 09:00 GMT) and Italian GDP, the pair has returned to the 1.3400 handle.
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