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Forex Flash:Price action pushes EUR through ECB uptrend - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that the recent price action has pushed the single currency through the uptrend that has been in place since ECB's Draghi unequivocally committed to doing what is necessary to save the monetary union in late July last year.

He notes that the trendline came in near 1.3220 and the Euro has now made two consecutive closes below it. He writes, “We should be looking at retracement objectives of that large move. The first retracement objective is near 1.3070; the 50% near 1.2880 and the 61.8% near 1.2680.” He continues to highlight that the last phase of the Euro´s advance began in mid-November and the 1.3070 area also corresponds to 61.8% of that move. Chandler finishes by writing, “In addition, there is a potential topping pattern in the euro that has been carved out over the past month that projects a bit below $1.2900. On the upside, resistance in the $1.3250-$1.3300 area should cap corrective upticks.”

Forex Flash: Can UK financial repression suppress yields? – Deutsche Bank

The GBP has weakened further on the downgrade to now trade at 1.5122 and 1.1467 against the Dollar and Euro, respectively. Whilst certainly off the lows of 1.5073 and 1.1398 in the overnight session in Asia, the pound is nonetheless still weaker against the Dollar and Euro, respectively since Moody’s action.
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French and German Finance ministers Pierre Moscovici and Wolfgang Schäuble, noted today that they expect the newly formed government of Cyprus to accelerate the pace of reforms and continue negotiations for its bailout as specifics were drawn up.
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