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EUR/USD faces strong resistance near 1.1270 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could struggle around 1.1270.

Key Quotes

EUR/USD probed higher yesterday but will shortly encounter much tougher resistance, namely the 1.1273 2014-2016 resistance line – this is expected to provoke failure and while capped here we will maintain a negative bias. This will leave attention still focused on the 1.0956 5 month uptrend”.

“Initial support is 1.1046 but only below 1.0956 will target 1.0821, the March low, and then the 31 year support line at 1.0642. Note the 1.0457 March 2015 low is also found in this vicinity together with the 1.0574 channel”.

EUR/USD clinches highs near 1.1220 ahead of ZEW

The swelling offered bias around the dollar is helping EUR/USD to advance further north of the 1.1200 barrier ahead of the opening bell in Euroland on
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Benign RBA minutes: Focus on global equities - BNPP

Research Team at BNP Paribas, suggests that the RBA August meeting minutes this morning implied broad consensus among board members on lowering rates
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