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Forex Flash: EUR/USD euphoria over Cyprus deal to be short-lived - RBS

FXstreet.com (Barcelona) - “A deal appears to have been negotiated with Cyprus that will allow its banks to continue to receive liquidity support from the ECB and thus allow the country to remain solvent and in the EUR,” noted FX Trading Strategist at RBS Greg Gibbs, “provided it is ratified by the Cypriot parliament,” the analyst adds.

Despite this fact, “Our bias remains to use strength in the EUR to sell,” Greg expands, noting: “The bounce on the Cyprus deal is the time to implement sell strategies,” he suggests. “To date, the EUR remains in a downtrend, and we would look to sell ahead to recent highs at 1.3107 and 1.3135,” Mr Gibbs concludes.

Session Recap: Cyprus deal boost Euro and risk appetite

EUR/USD broke to the upside today in Asia-Pacific following an initial gap lower during the interbank premarket to session lows at 1.2941 as uncertainties over Cyprus were rising given negotiations were taking longer than expected.
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Forex Flash: EUR/USD still bearish despite the good news - UBS

“The latest strength does not change the bearish picture,” says UBS analyst Gareth Berry, “and there is a strong resistance at 1.3107,” he notes. “Support is at 1.2844 ahead of 1.2662,” Garry adds.
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