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Forex Flash: Bunds eye recovery after correction – RBS

Bund prices have met the first target of 143.70, being the 50% retracement from the December-January extremes and the 13-week moving average. According to Technical Markets Strategist Dmytro Bondar at RBS, “We believe the market will continue recovery towards the 144.20 area onto 145.00 after a possible correction.”

Moreover, “Weekly momentum is turning bullish, as indicated by the slow stochastic oscillator. Overall, the first target of 143.70 has been met, where partial profits were taken; after correction to approximately the 143.00 level, another push higher to 144.20 onto 145.00 would be expected with the caveat of a sustained break below 142.60.” Bondar adds.

Forex Flash: Italy election expectations – TD Securities

The Italian election voting process will end at 14:00 GMT, giving way to first polls around 15:00 GMT. TD Securities analysts expect the Chamber of Deputies to go to Bersani’s coalition, so for the Senate race, they’ll be looking for two main things when the headlines start coming out: “First will be the number of seats projected for PD + Monti; anything greater than 158 is a majority, and the higher the better”, wrote analyst Alvin Pontoh, adding that “the Senate races in Lombardy and Sicily will be especially important, as that will likely be where the outcome of the upper house will be determined”. Also important to take in account is support for Five Star Movement, “since the higher their support the harder it will be to form a working coalition”.
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Forex: EUR/USD approaching Thursday's high of 1.3290

The EUR/USD continues extending higher as the European session unfolds and after regaining the 1.3200 handle. The pair is already above Friday's high of 1.3245 and is getting closer to Thursday's high of 1.3290. Investors will have to face the downward trend line drawn since Feb-1 high (1.3711).
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