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Forex Flash: What does the EUR/USD have to offer? – Commerzbank and UBS

FXstreet.com (Barcelona) - The single currency is reverting the initial good mood, returning to the red territory and testing intraday lows in the proximities of 1.2960, as the rally in the USD has resumed its pace.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “Near term rallies will find resistance at 1.3053/89 (minor Fibo) ahead of the resistance line drawn from the February peak, this is located at 1.3178. Only above the 1.3243 recent high would negate our bearish outlook and this is not favoured”.

In addition, G.Yu and G.Berry, Strategists at ¬UBS, remain neutral on the cross, adding “Friday’s sell-off stalled exactly at the strong support at 1.2936. A closing break below would be a bearish development, triggering a deeper sell-off to 1.2746. Resistance is at 1.3051 ahead of 1.3194”.

Asian stock markets mixed on concerns over Chinese recovery

Asian equities were mixed overnight, as investors learned of several Chinese economic indicators, which mostly painted a soft picture. Indeed, this has exacerbated the idea that the global mammoth with fail to show heightened signs of recovery this quarter. Coupled with the uneven trading of precious metals Monday, the markets were highly volatile on the day.
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Forex: EUR/AUD high 1.3011

The EUR/AUD has extended its bull run above 1.3000 psychological level for a second time this month, pairing it’s highs of summer and May 2012 and eyes for a run up towards 1.3200 the figure.
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