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Forex Flash: What does the EUR/USD have to offer? – BTMU and Commerzbank

FXstreet.com (Barcelona) - The single currency remains in session highs around 1.2955/65 on Friday as events in Cyprus are playing out. The next move by the Cypriot parliament would be a vote on the permanence of the country in the euro area due within the next hours.

While Cyprus is taking over the headlines, Lee Hardman, Currency Analyst at BTMU, suggested, “The increasing likelihood of a more prolonged euro-zone recession supports our view that the ECB may ease monetary policy further later this year helping to lower the euro”.

In addition, Karen Jones – Head of FICC Technical Analysis at Commerzbank – commented that the 1.3000 figure is reachable within the next sessions while 1.2844 holds any pullbacks. “If bettered, the two month downtrend channel resistance line at 1.3006 will be in focus as well. This should cap with the next higher 1.3107 Friday high on a daily New York closing basis, however. While this is the case we will retain our medium term bearish forecast”, concluded Jones.

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Cyprus government’s spokesman Christos Stylianides said on Friday that the next few hours will be crucial to the country’s future, as the EU, ECB and the IMF continue their difficult talks on the rescue program.
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Forex: EUR/JPY at gains ahead of critical hours in Cyprus

As the government of Cyprus considers the next hours critical to the country’s future, investors’ ex-pectations are pushing the euro higher ahead of the Cypriot Parliament vote during the afternoon. The EUR/JPY retraced its losses back to the opening price of 122.42 and moved 50 pips higher, to 122.92 high.
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