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EUR/USD: Potential Bear Flag; Cable: Eroding Cloud Support - Commerzbank
EUR/USD basically consolidated its losses on Friday and is developing a potential bear flag to start this week, notes Commerzbank. "Last week we saw the market reverse from major resistance at 1.3958/1.40 (50% retrace of the move down from 2008) and sever its short term uptrend. We consider that the market has recently topped and is likely t o come under increasing downside pressure," CB argues. "We target initially 1.3643, the end of February low and eventually the 1.3476 2014 low and 1.3467 the 55 MONTH ma. Rallies are expected to hold below 1.3825/50 and only above here would suggest another run up to 1.3948/58," ... (full story)