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5 Mar 2013
Forex: EUR/USD around 1.3030 ahead of PMI
The bloc currency is partially retracing overnight gains, heading back to the area of 1.3030 after climbing to the boundaries of 1.3050
The euro would remain under pressure ahead of the final services PMI prints in the euro area, expected to extend the negative momentum after the manufacturing PMI readings.
At the moment, the cross is up 0.02% at 1.3029 with the next resistance at 1.3065 (hourly cloud top) followed by 1.3101 (high Mar.1) and then 1.3140 (MA10d).
On the flip side, a breakdown of 1.2967 (low Mar.1) would aim for 1.2929 (low Dec.11) and finally 1.2910 (76.4% of Nov.-Feb. rise).
The euro would remain under pressure ahead of the final services PMI prints in the euro area, expected to extend the negative momentum after the manufacturing PMI readings.
At the moment, the cross is up 0.02% at 1.3029 with the next resistance at 1.3065 (hourly cloud top) followed by 1.3101 (high Mar.1) and then 1.3140 (MA10d).
On the flip side, a breakdown of 1.2967 (low Mar.1) would aim for 1.2929 (low Dec.11) and finally 1.2910 (76.4% of Nov.-Feb. rise).