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Forex Flash: What to do with EUR/USD? – Westpac, UBS and Commerzbank

The bloc currency is back to the 1.3385/90 region on Monday, waiting for any news from the Eurogroup meeting, where the main topics would be the recapitalization of the banking sector and the recue package for Cyprus.

“The reaction to Draghi’s balanced comments was excessive but shows how the euro’s mid-late Jan shine has been dulled. EZ financial conditions still argue for our 1.38 1mth target but it might need to dip further first”, explained Sean Callow, Strategist at Westpac.

The Swiss bank UBS changed its outlook on the cross from bullish to neutral, as commented by Strategists G.Yu and G.Berry. “The pair is under consolidation. The strong support is at 1.3270. Resistance is at 1.3472 ahead of 1.3564”, they conclude.

In addition, Karen Jones – Head of FICC Technical Analysis at Commerzbank – suggests, “We target the 1.3270/56 zone near term, which we suspect will hold the initial test. This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3228 3 month support line”.

Forex: GBP/USD drops below 1.5750

The GBP/USD didn't hold above 1.5750/60 for long, and downside pressure pushed the pair for a new plunge that is approaching the 1.5700 psychological level. As of writing, the market trades at 1.5712.
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Gold prices trading at $1663.76

Gold has been bias-less for the past few sessions, trading within a relatively tight sideways range. According to the Technical Analyst Team at ICN.com, “The yellow metal is currently testing the short-term ascending support, which if broken may see the downside move accelerate. Therefore, we will wait for a clear break below this support around 1665.00, before expecting further bearishness this week.”
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