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Forex Flash: European PMI data may see continuation of EUR/GBP downtrend – Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that today sees services PMI data in Europe and the US.

He suspects that the UK´s numbers may be positive, thus maintaining the EUR/GBP downtrend for a day longer or so. He adds that he is also looking for a robust gain in the US services ISM. He writes, “That just reinforces the positive tone to US data which, along with the Fed’s policy stance, is the driver of the risk rally and therefore a reminder that overall, we are probably in‘correction;’ rather than trend change.”

Forex Flash: What lies ahead of EUR/USD? – Commerzbank, BTMU and Danske Bank

The bloc currency is extending its intraday decline on Tuesday, falling to the area around the key support at 1.3480 from yesterday’s tops in the proximity of 1.3660, as renewed debt woes were hovering over the euro zone...
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Forex Flash: EUR/USD to aim 1.3270/56 in case of loss of 1.3480 - Commerzbank

The over-stretched move on Friday was sharply retraced yesterday: "The pullback has tested the accelerated uptrend at 1.3484 and this is starting to look exposed", wrote analyst Karen Jones. "We note the 5th of a 5th Elliott wave count on the daily chart, the 13 count on the 240 minute chart and we are wary of a deeper corrective phase", continued the Commerzbank analyst, pointing to the 1.3270/56 (16th Jan low and the 61.8% retracement) zone in a move below 1.3480.
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