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5 Mar 2013
Forex: EUR/USD erases European morning gains
All the fuss about the better than expected Markit Services PMI that send the EUR/USD to as high as 1.3076 has cleared off. The pair erased those gains back to the opening level of 1.3026. Still, the market trades higher now than when it closed last week, at 1.3018.
EMU retail sales rose more than expected, by +1.2% instead of +0.2% in January. The annualized figure rebounded from -3.0% to -1.3% (consensus of -2.9%). Ahead is US ISM non-manufacturing PMI data.
“The intraday bias is positive after 1.2985 low with a crucial level at 1.3025, but the overall downtrend on the senior frames is still intact and only a break through 1.3160 high will negate the possibility of a slide towards 1.2880 major support area”, wrote Deltastock.com analyst Stoyan Mihaylov.
EMU retail sales rose more than expected, by +1.2% instead of +0.2% in January. The annualized figure rebounded from -3.0% to -1.3% (consensus of -2.9%). Ahead is US ISM non-manufacturing PMI data.
“The intraday bias is positive after 1.2985 low with a crucial level at 1.3025, but the overall downtrend on the senior frames is still intact and only a break through 1.3160 high will negate the possibility of a slide towards 1.2880 major support area”, wrote Deltastock.com analyst Stoyan Mihaylov.