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Forex: EUR/USD consolidates below 1.3100

The demand for the single currency remains depressed on Tuesday, after the unexpected results from the parliamentary elections in Italy, leaving the political scenario still unclear and with signs of instability. Furthermore, even a coalition between Bersani and Monti would not reach the necessary seats to guarantee any majority.

No docket in the euro zone would turn investors’ attention to the US, where Chief Bernanke will testify before the US Congress. In the meantime, Consumer Confidence and New Home Sales are the most relevant releases.

At the moment, the cross is losing 0.05% at 1.3056 with the immediate support at 1.3039 (low Jan.10) ahead of 1.3018 (low Jan.7).
On the upside, a breach of 1.3334 (Tenkan Sen line) would bring 1.3415 (MA21d).

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Following the disproportionate gains in the Yen along a bustling Monday American session, in which the deadlock in the Italian Senate came as the perfect excuse to trigger the unwinding of Yen shorts, speculators in the far east have followed the path of least resistance.
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After climbing to levels around 1.5220 overnight, the sterling is now retracing those initial gains, trading back to the area of 1.5180 as BoE’s M.King is on the wires...
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