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15 Feb 2013
Forex: EUR/USD with Doji clandlestick on daily and weekly frames
The EUR/USD rose up to as high as 1.3376 after a sudden bidding flow sometime after the US consumer sentiment data release. The pair remains magnetized to the opening price, intending to close the week with both Doji daily and weekly candlesticks. As of writing, the market is trading close to 1.3350.
The preliminary report for February consumer sentiment by Reuters/Michigan points to a rise from 73.8 to 76.3, beating the 74.8 consensus. US NY empire state manufacturing came in at 10.08 in February, surprising analysts that were only expecting an improvement from -7.78 to -2.00.
Although capacity utilization in the US improved from 78.8% (revised from 79.3%) to 79.1% in January, beating 78.9% consensus, industrial production fell -0.1%, instead of rising 0.2% as expected. Last month's data was revised lower, from 0.4% to 0.3%.
Despite the strong dollar rally on US manufacturing and the usual lack of commitment of G20 when it comes to forex rates, the EUR/USD bounces higher on strong EUR/JPY demand and positive stock, according to FXstreet.com analyst Valeria Bednarik. "The bears still rule the pair and if gold slide extends, there are little chances of further recoveries in EUR/USD", she wrote, pointing to key support at 1.3270 level.
The preliminary report for February consumer sentiment by Reuters/Michigan points to a rise from 73.8 to 76.3, beating the 74.8 consensus. US NY empire state manufacturing came in at 10.08 in February, surprising analysts that were only expecting an improvement from -7.78 to -2.00.
Although capacity utilization in the US improved from 78.8% (revised from 79.3%) to 79.1% in January, beating 78.9% consensus, industrial production fell -0.1%, instead of rising 0.2% as expected. Last month's data was revised lower, from 0.4% to 0.3%.
Despite the strong dollar rally on US manufacturing and the usual lack of commitment of G20 when it comes to forex rates, the EUR/USD bounces higher on strong EUR/JPY demand and positive stock, according to FXstreet.com analyst Valeria Bednarik. "The bears still rule the pair and if gold slide extends, there are little chances of further recoveries in EUR/USD", she wrote, pointing to key support at 1.3270 level.