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Forex: EUR/GBP eyes 0.8550

The pair is extending its intraday upside on Monday, trading in the upper end of the range and closer to 0.8550
While the single currency found some comfort around the 1.3375/85 region, the sterling is sharply depreciating across the board, breaching the key support at 1.5700 against the greenback.

“The longer term theme is still EUR constructive however and buying dips back to the important levels at 0.8554 (here) or slightly lower at 0.8420 which was the important resistance level back in Dec ’11 to Mar ’12 still looks the best strategy for now”, recommends W.Moore, Strategist at RBS.

At the moment, the pair is up 0.85% at 0.8533 with the next hurdle at 0.8575 (MA10d) ahead of 0.8664 (high Feb.7) and then 0.8681 (high Feb.6).
On the downside, a break below 0.8442 (hourly low Feb.11) would bring 0.8364 (low Jan.22) and finally 0.8355 (low Jan.18).

Forex Flash: EUR/USD slated to rise on bearish USD – Goldman Sachs

According to the Economics Research Team at Goldman Sachs, “Our long-term views on the EUR/USD are driven by our structural bearish stance on the USD. The weak balance of payments of the US vs. the stronger BBoP trend for the Euro area still implies a weak USD and a stronger EUR.”
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Gold trading at $1650.76

Gold’s near-term structure weakened Monday, as the price broke below the bull-trendline (drawn off 1651 low), following several attempts at 1684 (near-term congestion tops and daily Ichimoku cloud base). According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “A fresh weakness persists through the 1666/63 supports, which sees scope for an extension of the third wave from 1684 (part of broader reversal from 1695), towards initial target at 1657 (Fib 61.8% expansion).”
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