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Forex Flash: EUR/GBP Sideways - Commerzbank

Karen Jones Head of FICC Technical Analysis at Commerzbank and Axel Rudolph Senior Technical Analyst at the bank have noted the lack of movement in the cross which currently sits at 0.8446 on a quiet session head of Retail sales in the US later today.

Their teams note that the EUR/GBP pair has remained sidelined all week and they remain unable to rule out more of a rebound from the three-month support line at 0.8388. They suggest that rallies will continue to find strong resistance offered by the 55 day ma and the 2013 downtrend at .8528/35 and near term we are unable to rule out a possible test of this resistance zone. They have suggested that the failure at the 0.8388 3 month support line will target the 2012-13 support line at 0.8312.

Euro faces renewed selling pressure

The shared currency is now threatening below the psychological limestone at 1.3000 at the beginning of the trading week, whilst the ongoing USD rally seems to cap any attempt of recovery to or through that key...
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Session Recap: Dollar eases but remains strong

The US dollar has continued to consolidate last week's gains versos its main competitors in a quiet Monday session. The EUR/USD managed to reverse earlier losses but remains capped below the 1.3000 mark. The cross fell to lows after comments from Italy's central bank governor Visco saying that the ECB could cut deposit rates below zero.
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