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Euro bulls ready to rock

FXstreet.com (Barcelona) - The bloc currency has been suddenly awaken from its congestive pattern around key resistance at 1.3300, spiking to 1.3350 after a sudden bout of risk appetite, posting two-day highs and approaching to Tuesday’s tops in the vicinity of 1.3390

… Rumours leading the way

In the absence of significant euro zone data or events, politics has stepped up to write headlines. After all, that’s what politicians are for, to talk, right? Within in a passive and ranging context, any comment would always have an exaggerated echo from the FX markets.

Recall when Eurogroup’s J.C.Juncker stressed a couple of days ago that the euro exchange rate was ‘dangerously high’, his comments dragged EUR/USD down to the proximities of 1.3260 until yesterday’s insight from the ECB’s E.Nowotny, that the shared currency would not be a major concern at the moment, caused a sharp shift in sentiment and spot back higher. This morning saw the turn of the German Vice Chancellor P.Roesler, saying that Germany will not tolerate a weak euro. Conclusion? The euro jumped more than 50 pips in a matter of minutes, hitting 1.3350 and beyond.

There are seem to be only rosy skies in the euro area since Draghi has changed to an optimistic view in the last ECB gathering. Nothing else seems to matter, proved by the last poor data out of Germany’s GDP during last year, or even when the first economy lowered its 2013 GDP forecast to a meagre expansion of 0.4%. Fundamentals are now out of the game, as the risk appetite seems to be king.

Technically speaking, Karen Jones, analyst at Commerzbank, argues, “EUR/USD continues to ease back from the 1.3400 resistance – this is viewed as a small retracement ahead of any further gains. The recent break through the 1.33085 high suggests unfinished business on Technically speaking, Karen Jones, analyst at Commerzbank, argues, “EUR/USD continues to ease back from the 1.3400 resistance – this is viewed as a small retracement ahead of any further gains. The recent break through the 1.33085 high suggests unfinished business on the topside. It has introduced scope for a rally towards tough long-term resistance at 1.3485/1.3560”.

Forex: USD/CHF surrenders gains and trading at 0.9310/13

The USD/CHF plunged off of its session high at 0.9356 during European trading Thursday, as the pair has surrendered its gains in recent minutes. After the publication of weak EMU data, the cross is incurring a marginal loss of -0.01%, settling in the region of 0.9310/13 in these moments.
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Forex Flash: USD/JPY correction lower may not be complete – Commerzbank

The USD/JPY is holding above the 240 minute cloud (the base of this is currently located at 87.81). “This has under pinned the market since the 13th December and it is possible that the correction lower is already complete”, wrote analyst Karen Jones. “However, we are slightly biased to a slightly deeper sell off towards the 86.13 2 month uptrend”, where it would still be well placed to recover, according to her. “Our target remains 93.32 – the measurement higher of the triangle”, she continued, pointing to 84.99 and 83.50 (50% retracement of the move up from September) in case of a break below 86.13.
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