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Forex: EUR/USD calm and flat ahead as European morning ends

The EUR/USD remains under a quite reserved trading today, despite that 40-pip spike to 1.3379 high during the European morning. While trading lower before the European session, mostly supported around 1.3330, the pair is now mostly moving around the weekly opening price.

An empty economic calendar and the north American continent out on holidays are putting investors to sleep. However, ECB President Mario Draghi is speaking at 14:30 GMT, gathering all market attention. Or what is left of it.

"EUR/USD is approaching its strong support area defined by 1.3257 (16/01/2013 low) and the low of the rising channel", wrote MIG Bank analyst Bijoy Kar, pointing to a break of the hourly resistance at 1.3393 (15/02/2013 high) to validate an hourly bullish head and shoulders.

Forex Flash: Sterling posed for further weakness – Rabobank

The pound continues to trade in the region of 1.5470/75 on Monday, level last seen in July 2012, thus extending its decline further from year highs above the 1.63 figure. The descent...
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Forex Flash: USD/JPY to rise at a slower pace - Commerzbank

A G20 meeting with no real result was the best thing for the USD/JPY. "The G20 had to accept that a monetary policy aimed at national targets is the responsibility of the individual country and does not justify external interference – even if the exchange rate moves created do affect other economies. Effects of this nature are to be “monitored and minimised” according to the G20 statement but that is nothing but statement rhetoric without any meaning", wrote analyst Ulrich Leuchtmann, pointing out that Japan’s policy has not been restrained and the G20 have given Japan carte blanche to ease its monetary policy. "Should anyone have hesitated to sell the yen for fear of looming political coordination they can now rest assured and go ahead", he continued, adding that PM Abe's underlined that its policy aims at national targets only, not at the exchange rate...
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