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Forex Flash: What can we expect of EUR/USD? – UBS and Commerzbank

FXstreet.com (Barcelona) - The shared currency is correcting lower from overnight highs in the boundaries of 1.3070, although the upside faltered during the Asian session, falling to the vicinity of the psychological mark at 1.3000 after the opening bell in London.

According to Strategists G.Yu and G.Berry at UBS, the outlook on the cross remains bearish, arguing “Upside should be limited and there is a strong resistance at 1.3115. While this holds, there is scope for a break below support at 1.2962, exposing 1.2869”.

In the same line, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests “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 down move”. The analyst also adds that intraday pullbacks should be contained around 1.2900/1.2899 in order to keep the corrective upside alive.

Forex Flash: Euro benefitting from renewed search for yield - BTMU

Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the Euro also appears to be befitting from the renewed search for yield amongst investors, attracted by the higher yields on offer in the Eurozone.
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