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Forex Flash: What lies ahead of EUR/USD? – Commerzbank and UBS

The euro remains trapped around the mid 1.3000s on Wednesday, extending the congestion pattern seen overnight and waiting for the Q4 EMU GDP figures due later.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the cross would be absorbing late losses, but she warns, “However at this stage we consider that while rallies are contained by the accelerated downtrend at 1.3221, the market will remain directly offered”.

G.Yu and G.Berry, Strategists at UBS, remain bearish on the cross, adding, “A closing break below 1.2997 would be an important bearish development, exposing 1.2877. Any upside will be limited, with resistance at 1.3162”.

Forex: EUR/GBP rises after UK Halifax House Prices

The release of UK Halifax House Prices pulled the EUR/GBP to test the opening price of 0.8628, only to head higher again afterwards. The cross trades at 0.8638, as of writing.
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Forex: USD/JPY establishes fresh session highs at 93.46/47

The USD/JPY has shot higher during European trading Wednesday, after bottoming out at 93.00 (session low) earlier today during the overnight session. In these moments the pair is now recording fresh session highs at 93.46/47, advancing +0.14% above its opening.
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