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EUR/USD forecast: focus on ZEW – Commerzbank and Danske Bank

FXStreet (Edinburgh) - The single currency remains in the area of session highs vs. the dollar on Tuesday, although a break above the 1.14 handle still remains elusive.

EUR/USD was rejected at 1.14 yesterday but remains in the high end of the 1.11-14 range in which we see it bound for now given the absence of a near-term extension of monetary-policy divergence”, suggested Signe Roed-Frederiksen, Senior Analyst at Danske Bank.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has broken higher through the 1.1330 21st September high and in doing so opened the path to the 1.1440/68 region, where the May, June and September highs were made. Above here lies the 55 week ma at 1.1472 and the 2014-2015 downtrend at 1.1468, we would ideally expect this to hold the topside and provoke failure”.

USD/JPY languishes near lows, around 119.85

The USD/JPY pair remains offered in the early European dealings, as markets continue to assess the Chinese trade data while a sharp drop in the US treasury yields also keep the major undermined.
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The GBP/USD pair trades around 200-DMA located at 1.5319 levels, but remains stuck in the three-day trading range of 1.53-1.5380.
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