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Forex: EUR/USD unmolested around 1.3100

FXstreet.com (Barcelona) - The shared currency is navigating into the red territory on Monday, albeit keeping the 1.3100 figure as markets remains unbiased so far.

“The short term driver for EUR/USD at the moment remains relative monetary policy and thus the relative development in macro data… We expect the euro to continue to receive support from the rally in European peripheral bonds and a continued support to risk assets in general. We expect EUR/USD to continue to trade sideways in the low 1.30s and target the cross at 1.33 in three months’ time”, suggested Lars Christensen at the Nordic Danske Bank.

As of writing, the cross is retreating 0.12% at 1.3106 and a dip beyond 1.3033 (low May 3) would then target 1.3015 (low Apr.29) en route to 1.3010 (MA30d).
On the flip side, resistance levels line up at 1.3160 (high May 3) followed by 1.3220 (high May 2) and finally 1.3243 (high May 1).

Forex Flash: GBP/USD to fail 1.5600/25 or at 1.5759/82 at best – Commerzbank

As the GBP/USD remains below the 1.5600/25 resistance area, Commerzbank analysts still favor failure here: “The intraday charts are giving conflicting signals, though, and above 1.5625 we would allow for one more push higher to 1.5759/82 (200 day ma and 61.8% retracement) where we would expect to see failure”, he wrote, adding that the loss of the 1.5412 mid-April peak is needed to alleviate immediate upside pressure and signal a slide back to the 1.5298 uptrend line. “Failure here is needed to confirm the idea that the market has resumed its down move”, he continued, pointing to more losses towards 1.5028 (the 20th March low).
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