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Forex: EUR/USD jumps to 1.3390 on Weidmann

The single currency left the area around the mid 1.33s to quickly climb to levels shy of 1.3400 ahead of the opening bell in London, after BUBA’s J.Weidmann commented that the ECB will not cut interest rates just to weaken the euro and he sees a gradual recovery in the second half.

Optimism is slowly attempting to install among investors after Thursday’s worrisome data from EMU GDP and later comments by ECB’s Constancio, hinting at the likeliness of negative interest rates.

As of writing, the pair is up 0.12% at 1.3380 facing the next resistance at 1.3442 (MA21d) ahead of 1.3472 (MA10d) and then 1.3520 (high Feb13).
On the flip side, a breach of 1.3300 (psychological level) would expose 1.3265 (low Jan.23) and finally 1.3251 (Lower Bollinger).

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