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Forex pairs in this Article » EUR/USD (Edinburgh) -The shared currency is easing from ytd highs near 1.3800 the figure posted on Tuesday, with the EUR/USD currently navigating around 1.3750 as the risk-off trade is creeping back into the markets.

“The next resistance is the top of the 3 month channel at 1.3833/37, this is also the location of the 61.8% retracement of the move down from 2011 and represents the last defence for the major resistance at 1.3958/1.4002 band… While we acknowledge that the market is bid near term, we have very little to suggest that this latter level will be overcome”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

In addition, Strategist Emmanuel Ng at OCBC Bank, commented “After surfacing above 1.3750 on Tuesday, the EUR-USD may consolidate on any further gains towards the 1.3800 area in the near term. Meanwhile, the lower end of the near term range is also expected to be bordered by the 1.3700/20 neighbourhood”.
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