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

The single currency is trading in sub 1.3000 levels so far on Monday, as risk-off tone is creeping back to the markets.

“Renewed focus on Italian political standoff later in the week plus poor EZ growth momentum vs. US makes the euro a sell on rallies towards 1.31. Only reconsider at 1.32”, recommends Sean Callow, Strategist at Westpac.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments, “We would allow for some profit taking here ahead of a slide to our short term downside target, which remains to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low”. The expert adds that 1.2400 ahead of 1.2050/42 remain the longer-term targets.

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