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Forex Flash: EUR/JPY could be carving a downside near term – Commerzbank

The pair is now extending the correction higher after bottoming in the vicinity of the mid 124.00s on a dovish press conference by the ECB’s President M.Draghi.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “We are wary of a correction lower near term, but acknowledge with little sign of reversal currently, the market is capable of reaching the next resistance at 127.93 the April 2010 high and even 129, the 78.6% retracement of the move down from 2009”. The expert goes further and expects pullbacks attempts to be contained around 120.77 ahead of 118.57

Forex: EUR/USD consolidates below 1.3400

The bloc currency has now stabilized below the key resistance at 1.3400 in the last part of the NA session on Thursday. The demand for the euro remains depressed, as the negative effects...
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