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27 Mar 2013
Forex: EUR/USD below 1.2800 after EMU data
FXstreet.com (Barcelona) - The shared currency penetrated the key limestone of 1.2800 on Wednesday after poor data from the euro zone. Sentiment remains fragile and selling interest on the raise after Consumer Confidence in the bloc improved a tad to -23.5 in March from -23.6 and Business Climate fell to -0.86 from -0.72
Further data showed that despite January’s improvement, the Italian retail sector is submerged into recession figures, posting an annualized contraction of 3.0%. Next on tap in the Italian peninsula will be a 5-year and 10-year auctions.
At the moment, the cross is retreating 0.48% at 1.2793 facing the next support at 1.2730 (low Nov.19) and then 1.2662 (low Nov.13).
On the upside, a surpass of 1.2927 (MA10d) would bring 1.3050 (high Mar.25) and then 1.3107 (high Mar.15).
Further data showed that despite January’s improvement, the Italian retail sector is submerged into recession figures, posting an annualized contraction of 3.0%. Next on tap in the Italian peninsula will be a 5-year and 10-year auctions.
At the moment, the cross is retreating 0.48% at 1.2793 facing the next support at 1.2730 (low Nov.19) and then 1.2662 (low Nov.13).
On the upside, a surpass of 1.2927 (MA10d) would bring 1.3050 (high Mar.25) and then 1.3107 (high Mar.15).