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What lies ahead for EUR/USD? – OCBC Bank and Commerzbank

FXStreet (Edinburgh) - EUR/USD is back to the 1.1300 neighbourhood following markets disappointment over the progress in the Greek front, fading the recent spike to 1.1540.

“Look to the ECB’s Economic Bulletin and economic forecasts for further cues today with the pair likely to remain top heavy in the interim as Greek-related uncertainty continues to weigh. Another foray towards the 1.1290 given prevailing nervousness with 1.1400 likely to cap”, argued Emmanuel Ng, FX Strategist at OCBC Bank.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, added the pair “has touched the initial retracement level at 1.1520 (23.6% retracement of the move down from October 2014) and sold off again. It is possible that this is the only corrective move that we will see. The Elliott wave count on the daily is pointing to a potential 1.1703/86 correction (double Fibonacci retracement) and even 1.2085, but intraday counts are more negative”.

EUR/JPY rises above 133.00 on strong German data

The shared currency benefited from the strong German factory order data, taking the EUR/JPY pair above 133.00 levels.
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Markets prepared for a neutral BoE – Standard Bank

The Research Team at Standard Bank, notes that markets are seemingly prepared for BoE to keep rates on hold in today’s meeting, with rate-expectations pushed back by some months.
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