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EUR/USD forecast: look to EMU’s CPI – Commerzbank and Danske Bank

FXStreet (Edinburgh) - EUR/USD has recovered from the initial drop to the 1.0680 area, regaining the 1.0700 handle and above ahead of October’s CPI figures in Euroland.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, note the paid “sold off again on Friday reversing most of the gains from Thursday. Last weeks consolidation has proved to be tepid at best and we look for losses to the 1.0520, the April low and the 1.0457 March low”.

In addition, Senior Analyst Jens Pedersen at Danske Bank, suggested “Risky assets will open today on a negative tone following the tragedy in Paris on Friday night. In FX markets, this should strengthen the JPY, CHF and to a lesser extent USD. On the margin, EUR/USD should fall but the impact is likely to be limited by the EUR’s new safe-haven status where European equity sell-off tends to drive EUR/USD buying”.

USD/JPY testing hourly 100-SMA, 123 in sight

A renewed bout of buying interest was seen around the US dollar, driving USD/JPY to fresh session highs few pips shy of 123 handle.
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EUR/GBP: Recovery stalls near 0.7080

A sudden upward rally in the EUR/GBP lost steam near hourly 100-SMA at 0.7075 and the prices fell back in the red zone on the back of renewed sell-off seen in EUR/USD.
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