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Forex Flash: Bunds to find support at 20-day MA – RBS

FXstreet.com (Barcelona) - According to Technical Strategist Dmytro Bondar at RBS, “Bunds remain long from the 145.50/65 support level, as oscillators started to exit the overbought condition and a good support is expected at the 20-day MA of 145.35 and 145.11 Fibonacci level, being 138.2% projection from the Feb. impulse wave.”

Moreover, “It is important to note that the recent price action does not form a Head and Shoulders pattern due to a downwards sloping neckline. The 145.96 pivot point was taken out, hence I would expect the market to re-test 146.43 (161.8% projection) and extend the rally to 147.00. The primary stipulation would be a sustained break below the 145.11 retracement.” he adds.

Forex Flash: EUR/JPY expected to stabilize at 128.80/85 area – Commerzbank

Having bounced off the 125.00 support, the EUR/JPY looks well placed to tackle the 128.80/85 minor Fibonacci retracement, “which is regarded as the last defense for the 131.12 recent high”, and ideally we would like to see stabilization here, however we remain unable to rule out a deeper retracement to the daily cloud at 123.21/120.46”, wrote analyst Karen Jones, pointing to the 20 and 55 day ma at 124.25/67 directly below 125.00. “Key support remains the 118.74 February low. Recovery from here would target initially 131.12 – last week’s high en route to our target 136.71 (upside measurement from a wedge)”, she added.
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