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Forex: EUR/USD still finds opposition around 1.3370

The EUR/USD spiked to 1.3373 high on the release of very appealing German and Eurozone economic sentiment figures by the ZEW February survey, at 48.2 and 42.4, respectively. After trading below the opening price throughout the rest of the European session, the market strengthened back to its highs on US money flows and just ahead of US NAHB housing market index.

The Housing Market Index by NAHB was expected to rise from 47 to 48 in February, but actual data points to a drop to 46, disappointing investors. The pair could only rise to as high as 1.3372 and is currently stuck at 1.3360/70.

“The EUR/USD currency pair continues consolidating inside a narrow trading range near the level of 1.3330”, wrote Roboforex.com analyst Igor Sayadov, expecting the pair to extend the downside towards 1.3240. “After reaching this target, the pair may make a reverse to start a new ascending movement”; he added.

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