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Forex Flash: EUR/USD looks technically bullish – Nomura

FXstreet.com (Barcelona) - Nomura strategist Saeed Amen has taken a technical look at EUR/USD for the week ahead and has a bullish outlook.

He begins by noting that spot is down on the week but he is maintaining his bullish view. He notes that firstly, the RSI has remained in a tight range, and is at levels where recently we have seen lows. Also he adds that bandwidth remains low, suggesting that we are likely to trade within a range. He writes, “Spot also failed to break the 200D SMA. Hence, we think a retracement within the range is most likely. Our target is 1.3100 (just above 20D SMA).”

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According to Technical Strategist Dmytro Bondar at RBS, “Recent price action for Bunds suggests price charts, suggesting the correction is over for now. The selloff however brought quite a significant damage to the charts, taking off the 145.46/50 support on close and moving the price beneath 20-day MA.”
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Forex Flash: Tracking Eurozone GDP – Goldman Sachs

Last November, we forecast a contraction of 0.1% QoQ in Euro area GDP in the first quarter of 2013. In light of weak incoming survey data, in April we revised down our forecast for Q1 to -0.2% QoQ. However, “our overall view of the outlook for economic activity in the Euro area has remained broadly stable over the past six months: continued contraction of GDP in the coming quarters, with the prospect of stabilization towards the end of the year. The publication of the first quarter Euro area GDP data next week will be an important benchmark against which to test this view.” notes the Economics Research Team at Goldman Sachs.
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