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Forex Flash: Head and shoulders pattern forms for Bunds – RBS

FXstreet.com (Barcelona) - The recent Bund price action formalized a head and shoulders pattern with initial targets of 144.24 and 143.54. We keep in mind there is also a very strong support at 144.00 – a level of polarity change and March gap. According to Technical Strategist Dmytro Bondar at RBS, “The sell-off brought significant damage to the charts, taking off the 145.46 support on close and moving the price beneath 20- day MA at a time, when the 20/5/5/3 a slow stochastic has formed a bearish divergence with the price action.”

Moreover, “Any bounces to the neckline region of 145.00 – 145.50 are likely to be sold, targeting 144.25/144.00 onto 143.56. A sustained recovery above 20- day MA (currently at 146.10) cancels the view.” Bondar adds.

Forex: EUR/GBP recovers the mark of 0.8442/45

The EUR/GBP has traded unevenly during European trading, incurring a drop of nearly 20 pips earlier throughout Monday, before bottoming out at session lows at 0.8432. However, in recent moments, the cross has bounced higher to recover the mark of 0.8442/45.
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Forex: EUR/CHF upside capped around 1.2445/50

The Swiss franc is now picking up pace against the euro on Monday, recovering the area around 1.2420/25 after hitting fresh lows in the vicinity of 1.2445/50....
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