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Forex Flash: EUR/USD to test and fail at 1.3115/35 – Commerzbank

The EUR/USD rebound is now happening: “This has yet to test the 1.3115/35 accelerated downtrend and Fibonacci retracement and we continue to look for failure in this zone”, wrote analyst Karen Jones, pointing to a directly offered market while capped here and initial support at 1.2914 (55 week ma) and then 1.2885/76 – the 7th December low and 78.6% retracement.

“Our short term downside target remains to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low. Longer term we target 1.2400 then 1.2050/42 the 2012 low”, she added.

Forex: AUD/USD advancing firmly above 1.0300

The Aussie dollar is extending its weekly rally from Monday’s lows in the vicinity of 1.0200 to highs in levels shy of 1.0340 overnight, after Investment Lending for Homes rose 4.4% during January, reverting the previous contraction....
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