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22 Mar 2013
Forex: EUR/USD back to highs after IFO
FXstreet.com (Barcelona) - After a logical knee-jerk reaction to the vicinity of 1.2890, the shared currency quickly regained the 1.2900 handle after the German IFO disappointed investors in March. The indicator followed the recent lacklustre data from the euro zone, missing expectations in all of its components and falling from February prints. Business Climate fell to 106.7 from 107.4 and Expectations dropped to 103.6 from 104.6
In the meantime, tensions in Cyprus are building up as protesters congregate outside the parliament where a vote on a restructuration of the banking sector is due later.
EUR/USD is now up 0.17% at 1.2918 facing the next resistance at 1.2966 (MA10d) ahead of 1.2979 (high Mar.20) and then 1.3017 (MA21d).
On the downside, a breach of 1.2879 (MA200d) would clear the way to 1.2844 (low Mar.19) en route to 1.2827 (low Nov.22).
In the meantime, tensions in Cyprus are building up as protesters congregate outside the parliament where a vote on a restructuration of the banking sector is due later.
EUR/USD is now up 0.17% at 1.2918 facing the next resistance at 1.2966 (MA10d) ahead of 1.2979 (high Mar.20) and then 1.3017 (MA21d).
On the downside, a breach of 1.2879 (MA200d) would clear the way to 1.2844 (low Mar.19) en route to 1.2827 (low Nov.22).