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3 Apr 2013
Forex: EUR/USD retraces early gains
FXstreet.com (Barcelona) - The single currency is now retracing earlier gains after climbing to fresh intraday highs in the vicinity of 1.2840. Market participants are now shifting their attention to the ADP report due later. Prior surveys expect the US private sector to add 200K jobs in March, a tad higher than February’s 180K.
In light of tomorrow’s ECB meeting, analysts at Brown Brothers Harriman commented, “Despite soft euro zone data reported this week (CPI, unemployment), the central bank is widely expected to stand pat. As usual, the press conference afterwards will be most important, and Draghi is likely to get many questions about the macro outlook, the exchange rate, and still-simmering problems such as Italy and Slovenia”.
At the moment, the cross is losing 0.04% at 1.2814 and a breakdown of 1.2751 (low Mar.27) would open the door to 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).
On the upside, resistance levels are located at 1.2878 (high Apr.2) followed by 1.2890 (MA200d) and then 1.2924 (MA21d).
In light of tomorrow’s ECB meeting, analysts at Brown Brothers Harriman commented, “Despite soft euro zone data reported this week (CPI, unemployment), the central bank is widely expected to stand pat. As usual, the press conference afterwards will be most important, and Draghi is likely to get many questions about the macro outlook, the exchange rate, and still-simmering problems such as Italy and Slovenia”.
At the moment, the cross is losing 0.04% at 1.2814 and a breakdown of 1.2751 (low Mar.27) would open the door to 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).
On the upside, resistance levels are located at 1.2878 (high Apr.2) followed by 1.2890 (MA200d) and then 1.2924 (MA21d).