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Forex Flash: Gilts eye correction movement – RBS

FXstreet.com (Barcelona) - According to Technical Strategist Dmytro Bondar at RBS, “Gilts met the first target of 119.93 and tested the 120.00 resistance, from where a correction looks likely, however the overall view remains constructive, looking for a test of the full wave projection of 120.52.”

Depending on this test there would either be further upside to the 121.00, 121.26 and 121.82 levels or a pull- back to the 119.56/27 support area. “There is a good support at the 119.27 and 20-day MA of 119.00, while a break below would cancel the view.” Bondar suggests.

Session Recap: Euro briefly dips below 1.3000

The euro and other risky currencies weakened broadly during the European session, weighed by disappointing PMI data out of Europe and China. EUR/USD fell below 1.3000 and hit a low of 1.2972 before finding support and bouncing, helped by the positive opening in Wall Street.
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Forex: EUR/USD bounces to 1.3020 after US data load

The EUR/USD is rebounding more from the European downside ever since the publication of US manufacturing PMI by Markit (flash) and the movement has extended to 1.3027 session high, so far. Still away from yesterday’s close of 1.3059, though.
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