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Forex Flash: What does EUR/USD have to offer? – Commerzbank and UBS

The shared currency is posting fresh lows in the area around 1.3210/15 on Thursday, extending the bearishness after the post-FOMC rally in the greenback on Wednesday.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented that the cross penetrated the 3-month uptrend, adding “Key support at 1.3202, the 7 month uptrend, is exposed and a close below here is required to negate the up move completely. Please note given strength of the US Dollar elsewhere this is looking increasingly likely”.

After Wednesday’s pronounced decline of the cross, G.Yu and G.Berry, Strategists at UBS, suggested, “Yesterday’s sharp sell-off suggests the risk is for extension of the consolidation phase. Support is at 1.3187 ahead of 1.3063. Resistance is at 1.3434”.

Forex: EUR/JPY tumbles on Markit PMIs

Still ahead of EMU flash February PMI, investors are already pricing in French and German data. Already down below its opening price since early in the day, the European session is allowing the EUR/JPY to tumble steadily below the 124.00 mark towards. For now, the daily low is 123.20.
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Commodities Brief – Precious metals unable to stage recovery after Fed-induced collapse

The price of Gold bottomed out at the 1554.65 level during overnight trading, culminating in the largest decrease in nearly six months as nearly all commodities across the board plunged on concerns emanating from the FOMC. With the state of the US economy in peril, the Fed has left little room for debate over the eventual end to Qe3, however the exact specifics are still unknown. In any scenario, the yellow metal is currently being supported by its 50-day SMA, setting at USD $1565.45 per oz. in these moments, down from a peak of 1570.95 earlier today.
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