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Forex: EUR/GBP corrects Friday's rally, scope for 0.8800/30

Investors are witnessing today a retracement of Friday's rally ~150-pip rally to 0.8717 high that benefited from a strong euro and a weakening British Pound. The EUR/GBP has gone as low as 0.8654, where it currently trades.

Spain added 132.10K unemployed in January, not as much as the 150K expected, but still a very negative change, taking in account December's -59.1K drop. Ahead are EMU Sentix Investor Confidence and EMU PPI. Spain's PM Rajoy will meet German Chancellor Merkel at 12:00 GMT.

“EUR/GBP has seen a weekly close above the 2009-2013 downtrend, currently at 0.8600. The break above this level is significant and we have no choice but to go with it and alter our medium term outlook accordingly”, wrote Commerzbank analyst Karen Jones, now targeting 0.8800/30 (78.6% retracement of the move down from 2011 and the October 2011 high), ahead of a possible 0.9082 2011 high. “We have an accelerated uptrend at 0.8564, while above here the market is immediately bid”, she added.

Forex Flash: EUR/USD could reach 1.4261 if goes above 1.3833 - Commerzbank

With a weekly close above the 200 week ma and the 55 MONTH moving average, “we will need to adjust higher our forecast and outlook”: “The weekly close above 1.3564 introduces scope to 1.3833, the 61.8% retracement of the move down from the 2011-2012 move”, wrote analyst Karen Jones, adding that “the move on Friday does look a little over-stretched and we would allow for some retracement towards the 6 week accelerated uptrend at 1.3459 ahead of further gains”. Above 1.3833, the Commerzbank analyst would allow for a move to the 1.4261 2008-2013 downtrend in the slightly longer term.
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Forex Flash: What can we expect of EUR/USD? – Commerzbank, Westpac and UBS

The single currency pierced for a few moments the key support at 1.3600 on Monday, following the raise in the Spanish unemployment by 132.1K during January to almost five million people....
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