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Forex: What does the EUR/USD have to offer? – Danske Bank and Commerzbank

FXstreet.com (Barcelona) - The single currency is currently paring part of yesterday losses, regaining the 1.3100 handle ahead of the US Payrolls due later in the European afternoon.

In the wake of both the FOMC and ECB meetings, Analyst F.Hansen at Danske Bank commented, “With both central banks’ reaction functions now being more symmetrical and signalling more room to ease, the development in relative macro data is likely to become an increasingly important driver for EUR/USD going forward”.

After the sell-off in the cross, Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested, “A break back below the short term uptrend at 1.3061 and a fall through the 55 day moving average at 1.3030 is still needed to confirm a trend reversal lower”.

Forex Flash: EUR/USD needs a break below 1.3061 and 1.3030 to confirm reversal lower - Commerzbank

As expected, the EUR/USD failed at hefty resistance at 1.3225/43 (50% retracement and Wednesday’s high) yesterday. “A break back below the short term uptrend at 1.3061 and a fall through the 55 day moving average at 1.3030 is still needed to confirm a trend reversal lower”, wrote analyst Karen Jones, pointing to the 1.2972/54 support area (24th April low and the 200 day ma) as new focus in this case, and failure there would concentrate efforts on to 1.2839, the 78.6% retracement of the move up in April, then the 1.2740 recent low.
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Forex: EUR/GBP establishing fresh session highs at 0.8434/40

The EUR/GBP has moved to session highs in recent minutes, capping an otherwise solid rebound off of the 0.8411 level during European trading Friday. With renewed momentum, the cross has pared its losses and is inking highs at 0.8434/40 at the time of writing, securing an advance of +0.30%.
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