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

FXstreet.com (Barcelona) - The shared currency is now easing to the 1.3025/30 region on Thursday, retracing ground after reaching session highs in the vicinity of 1.3060 overnight.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the cross “has sold off towards and bounced just ahead of the 1.2945 200 day ma. While we would allow for the possibility for this to hold the initial test, we should then see failure and a slide to 1.2839, the 78.6% retracement of the move up in April”.

In addition, Syed M.Mohi-uddin, Strategist at UBS, confirmed the neutral stance on the cross, suggesting, “Resistance is at 1.3108, a break above this would open the more critical 1.3202 and then 1.3232. Support is at 1.2955 and 1.2920 – a breach here would be a bearish development”.

Forex Flash: EUR/USD to eventually see failure below 1.2945 toward 1.2839 – Commerzbank

Having sold off towards and bounced just ahead of the 1.2945 200 day MA, Commerzbank analysts would allow for the possibility for this to hold the initial test, but “we should then see failure and a slide to 1.2839, the 78.6% retracement of the move up in April. This is the last defense for the 1.2740 recent low”, wrote analyst Karen Jones, pointing to key support at 1.2679/6 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low). “We continue to view the recent failure ahead of the 1.3225/50% retracement as an interim peak”, she added, suggesting initial resistance at the 55 day ma at 1.3064 and then the 1.3142 resistance line.
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Forex Flash: US dollar gives back some of its recent gains - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the US dollar has continued to weaken overnight, with high yielding currencies of AUD and NZD outperforming.
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