Source: Commerzbank

“EUR/USD last week charted a tight sideways range  to leave our outlook unchanged – we remain biased towards failure at 1.3245/50, the 38.2% retracement of the move down from November. However the erosion of the near term uptrend last week provoked NO follow through and we could even argue that there is a potential ‘bull flag’ developing (not our favoured view- but one we cannot yet dismiss).

Today’s trade: We are short average 1.3170, stop 1.3250. Cover 1.2600. “


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