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27 Mar 2013
Forex: EUR/USD around 1.2850 ahead of German Gfk
FXstreet.com (Barcelona) - The single currency continues to trading in a narrow range on Wednesday, recovering some ground following overnight lows in sub 1.2840 levels.
The German Gfk survey is due next, with market consensus expecting the survey to remain unchanged at 5.9 for the upcoming month of April.
The cross navigates in an unusual narrow range between 1.2840 and 1.2870, ahead of Thursday’s re-opening of the Cypriot banks.
At the moment, the cross is down 0.02% at 1.2853 with the next support at 1.2828 (intraday low) followed by 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).
On the flip side, a breakout of 1.2950 (MA10d) would aim for 1.3050 (high Mar.25) en route to 1.3107 (high Mar.15).
The German Gfk survey is due next, with market consensus expecting the survey to remain unchanged at 5.9 for the upcoming month of April.
The cross navigates in an unusual narrow range between 1.2840 and 1.2870, ahead of Thursday’s re-opening of the Cypriot banks.
At the moment, the cross is down 0.02% at 1.2853 with the next support at 1.2828 (intraday low) followed by 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).
On the flip side, a breakout of 1.2950 (MA10d) would aim for 1.3050 (high Mar.25) en route to 1.3107 (high Mar.15).