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

FXstreet.com (Barcelona) - The shared currency is trading back around the 1.3000 figure on Monday, after selling pressure dragged the cross to sub 1.2970 levels overnight. However, markets seem to ignore the last developments in Portugal as the NFP’s hangover is still hovering over the markets.

“Softer US data provides some relief for the euro but Cyprus/ Italy/ Portugal etc. should be weighing more in our view”, suggested Sean Callow, Strategist at Westpac.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “We would allow for a deeper retracement into the 1.3111/80 band and possibly 1.3225 (50% retracement), where will look for signs of failure and the resumption of the downmove”.

In addition, G.Yu and G.Berry, Strategists at UBS, remains bearish on the cross, arguing, “The broader picture is still bearish and upside should be limited, with resistance at 1.3048 and then 1.3115. Support is at 1.2858 ahead of 1.2746”.

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