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4 Mar 2013
Forex: EUR/USD returning to 1.3000 after EMU PPI
After the tumble below the 1.3000 mark, to as low as 1.2982, triggered by a disappointing EMU Sentix Investor Confidence figure for March, the EUR/USD is bouncing back to the 1.3000 psychological level after the release of PPI data.
January Producer Price Index in the Eurozone rose 0.6%, beating 0.5% consensus, while the annualized data eased from 2.1% to 1.9%, as expected. Not much is being heard from the Eurogroup meeting yet, but investors will be keeping an eye.
"Last week's unsuccessful test of 1.3160 marks the end of the consolidation pattern above 1.3017 low and the downtrend has been renewed, targeting 1.2880 support zone", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.3055 ahead of 1.3100.
January Producer Price Index in the Eurozone rose 0.6%, beating 0.5% consensus, while the annualized data eased from 2.1% to 1.9%, as expected. Not much is being heard from the Eurogroup meeting yet, but investors will be keeping an eye.
"Last week's unsuccessful test of 1.3160 marks the end of the consolidation pattern above 1.3017 low and the downtrend has been renewed, targeting 1.2880 support zone", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.3055 ahead of 1.3100.