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17 Apr 2013
Forex: EUR/USD pressured on European opening, low at 1.3153
FXstreet.com (Barcelona) - The EUR/USD was trading mostly flat on the day but after a first move to 1.3188 high, the pair tumbled 35 pips on the European opening to 1.3153 low and its following bounce to 1.3167 was quickly retraced. The market is consolidating yesterday’s up move that peaked at 1.3201.
After the publication of UK labor market data, investors will be eyeing the release of EMU construction output and results of the German 10-year bond auction. According to The Telegraph, French president Francois Hollande is finding resistance among the government against a fresh round of tax rises and austerity to meet EU deficit targets.
“Fresh rally through 1.3160 and test of psychological 1.3200 barrier, keeps the upside focused, with immediate target at 1.3227, 50% of broader 1.3710/1.2744 fall, break of which to resume near-term recovery off 1.4830”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to support at the 20-day MA at 1.3160.
After the publication of UK labor market data, investors will be eyeing the release of EMU construction output and results of the German 10-year bond auction. According to The Telegraph, French president Francois Hollande is finding resistance among the government against a fresh round of tax rises and austerity to meet EU deficit targets.
“Fresh rally through 1.3160 and test of psychological 1.3200 barrier, keeps the upside focused, with immediate target at 1.3227, 50% of broader 1.3710/1.2744 fall, break of which to resume near-term recovery off 1.4830”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to support at the 20-day MA at 1.3160.