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Forex Flash: Bunds target 143.70 on emerging upside – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “A weekly bullish engulfing on the continuation chart and closed 142.50 bearish gap suggests Bunds will be likely to see more upside for the next 2-3 weeks, as inverse head and shoulders looms on the daily chart.”

In addition, “These signals point to a high likelihood of recovery to the next pivot point of 143.70/144.00, formed by Fibonacci retracements and 13-week moving average, and above to the 145.00 region. However, a dip to the 142.30 region, as a reaction from neckline breakout, was seen as a temporary weakness, as discussed in the latest weekly. Moreover we note the caveat is a sustained break below the 142.00 level.” Bondar suggests.

Forex: EUR/GBP higher after EMU current account

The EUR/GBP approached the opening price of 0.8611 just before extending higher on the London session. After the release of EMU current account, the cross rose to 0.8648 high and now is consolidating gains at 0.8637 (+0.30%).
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Forex: USD/JPY testing the 94.00 resistance level

Perhaps no pair has received more attention recently than the USD/JPY – rightfully so following the G20 drama that unfolded last week. At the onset of the trading week, the USD/JPY has edged higher, as the weakness in the yen refuses to abate. Following a brief test of the 94.21/23 resistance (session high), the pair has eased slightly back towards the 94.00 level/initial resistance in these moments, presently securing an advance of +0.37% on the day.
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