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Forex: EUR/USD closes the week in the defensive zone

The sentiment surrounding the bloc currency has given up any attempt of correction for the time being, reorienting its focus on the key Italian elections due on Sunday and praying for a bad performance from former PM Silvio Berlusconi.

Moving forward to Monday’s docket, risk trends would be put to the test after the flash manufacturing PMI in China ahead of the trade balance figures in Italy. Across the pond, a speech by Fed’s Lockhart would precede the Dallas Fed Manufacturing Business index.

At the moment, the cross is down 0.04% at 1.3184
Next support levels await at 1.3122 (MA100d) followed by 1.3039 (low Jan.10) en route to 1.3018 (low Jan.7).
On the flip side, a breakout of 1.3246 (high Feb.22) would expose 1.3289 (MA55d) ahead of 1.3343 (MA10d).

Forex Flash: EUR/USD running out of steam on the way up – Commerzbank

The minutes of the Fed meeting in January have strengthened the signal pointing to a reduction of quantitative easing measures as early as this year, according to Carolin Hecht, analyst at Commerzbank. "The continued recovery of the US economy, combined with the possibility that the Fed might become significantly less expansionary in the second half of the year, is the strongest plus for the greenback".
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The Canadian dollar continues to recover ground lost to its neighbor on Friday, advancing from session lows at the doorsteps of 1.0260 to the current region of 1.0230...
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