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

FXstreet.com (Barcelona) - The euro has regained the 1.2900 handle on Wednesday despite the lack of progress in the Cypriot front. According to market chat, Cyprus’s officials would now be looking to Russia for financial aid, after the Parliament voted against the levy on deposits yesterday.

“EUR/USD dropped through the 200 day moving average at 1.2876 to 1.2844 yesterday. Below it our downside target remains to be seen at 1.2679/61. This is where the 61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low meet”, argued Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Furthermore, G.Yu and G.Berry subscribe to the bearish outlook on the cross, suggesting, “Focus is on the next major support at 1.2662, a break below this would be a bearish development in the long term. Resistance is at 1.2996 ahead of 1.3107”.

Forex: USD/JPY rises to 95.30 area

The USD/JPY first fell below the 95.00 handle to score a low at 94.83. Then, recovery fully retraced losses and has been sending the pair higher as the European opening gets closer. The market trades at 95.31 high.
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Forex Flash: Italian politics strikes back – TD Securities

In addition to headline risk from Cypriot politics, they may also be headlines surrounding Italian politics as Italy’s president has confirmed that discussions aiming to form a coalition will step up today. “With PD members being named to head both the Senate and the Chamber of Deputies last weekend, and subsubsequent comments from Berlusconi that there should be new elections, it looked like the chances of a PD/PdL coalition were falling, but on Tuesday Berlusconi has now said he thinks there should be a PD/PdL coalition, which for us would still be the most positive market outcome”, wrote analyst Alvin Pontoh, analyst at TD Securities.
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