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EUR/USD: At 200 Wk Avg; USD/JPY: At Daily Cloud - Commerzbank
EUR/USD came under pressure all last week – the 2012- 2014 uptrend has given way and the market has sold off to the 1.3424 200 week ma, notes Commerzbank. "A negative bias will remain entrenched below the 1.3565 downtrend. Around here we also find the 1.3391/1.3385 55 MONTH ma and the base of the monthly cloud," CB projects. "A close below the 1.3385 is expected to act as a catalyst on the downside. It is expected to act as a trigger for a slide to the 1.3295 November 2013 low en route to 1.3020/00, the 50% retracement of the move up from the 1.2042/July 2012 low," CB adds. "Only above 1.3565 would delay our ... (full story)