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22 Apr 2013
Forex: EUR/USD retracing losses to 1.3050
FXstreet.com (Barcelona) - The economic calendar is pretty empty today, and the release of Greece current account didn’t have any impact on the EUR/USD. The pair rose to 1.3075 resistance before falling to 1.3035 area on the European opening. Such area is acting as support as the session unfolds and now the EUR/USD is now getting back to Friday’s close at 1.3057.
Greece current account deficit widened from €-0.222B to €-0.716B in February. The preliminary release of EMU consumer confidence in April due at 14:30 GMT is expected to drop from -23.50 to -23.85. US existing home sales should ease its rising pace from 0.8% to 0.6% (MoM) with a move from 4.98M to 5.01M in March.
“We view the small rebound from 1.3000 as corrective and continue to view the recent failure ahead of the 1.3225/50% retracement as an interim peak”, wrote Commerzbank analyst Karen Jones, vieweing support at 1.3000/1.2995 guarding the 200 day ma at 1.2934 and the 1.2740 recent low.
Greece current account deficit widened from €-0.222B to €-0.716B in February. The preliminary release of EMU consumer confidence in April due at 14:30 GMT is expected to drop from -23.50 to -23.85. US existing home sales should ease its rising pace from 0.8% to 0.6% (MoM) with a move from 4.98M to 5.01M in March.
“We view the small rebound from 1.3000 as corrective and continue to view the recent failure ahead of the 1.3225/50% retracement as an interim peak”, wrote Commerzbank analyst Karen Jones, vieweing support at 1.3000/1.2995 guarding the 200 day ma at 1.2934 and the 1.2740 recent low.