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Forex Flash: EUR/JPY set to react back to 118.74 February low - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts see the EUR/JPY set to react back to the 118.74 February low, but it has to hold for medium term upside pressure to be maintained. “The Elliott wave count on the daily chart is indicating that this support will hold for recovery and this is also the base of the cloud (118.82)”, wrote analyst Karen Jones, pointing to initial resistance at near term resistance line at 121.58 ahead of 122.66/85 (20 and 55 day ma) which guards the March high at 126.03 and the 127.71 February high. “Directly overhead lies tough resistance at 127.95/129.60, the March 2010 high and the 78.6% retracement of the move down from 2009. Below 118.38 the 16th January low is 116.47”, they added.

Forex: EUR/GBP easing ahead of UK PMI Construction

The EUR/GBP rose to just below the psychological level at 0.8500 during yesterday’s New York session. The price stood relatively still around that area until the London opening, where the market is pulling down to 0.8469, for now. Soon, the UK will see published the UK PMI Construction in March, expected to rise from 46.8 to 47.5. Afterwards, the preliminary release of March CPI in the Eurozone is due at 09:00 GMT and expected to ease from 1.8% to 1.7% (YoY).
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Forex: EUR/NOK in 3-week lows on Norway data

The Norwegian krone is advancing against the single currency for the third consecutive session on Wednesday, printing at the same time fresh 3-week lows around 7.4480/45 after the unemployment...
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