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EUR/USD picking up pace after Spanish data

FXstreet.com (Barcelona) - The single currency is attempting a rebound to the 1.3080 area after the Spanish employment data surprised investors on Tuesday.

The unemployment change in the Mediterranean economy dropped by 98.3K during May, exceeding estimates at -50.2K and April’s -46.1K, extending the reversion of the main trend seen in the last periods. Next on tap will be EMU’s Producer Prices in April, expected to post an annual expansion of 0.3% vs. 0.7% in the previous month. Across the Atlantic, the US Trade Balance figures will be in the limelight, with market consensus expecting the deficit to widen to $41.0 billion during April.

As of writing, EUR/USD is advancing 0.04% at 1.3082 and a surpass of 1.3108 (high Jun.3) would open the door to 1.3194 (high May 8) and then 1.3243 (high May 1). On the downside, support levels line up at 1.3037 (MA200d) followed by 1.2961 (MA21d) and then 1.2956 (low Jun.3).

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