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Forex: EUR/USD climbs to 1.3130/35 after German data

The single currency advanced to the region of 1.3130/35 after the preliminary inflation figures in Germany showed that the CPI rose 0.6% on a monthly basis and 1.5% YoY, coming in short of expectations.

Next on tap would be the US Q4 GDP figures, PCE and the weekly report on the labor market.

At the moment, the cross is down 0.07% at 1.3129 with the next support at 1.3100 (psychological level) ahead of 1.0347 (Ichimoku Cloud base) and then 1.3041 (low Feb.27).
On the flip side, a breakout of 1.3163 (high Feb.28) would aim for 1.3200 (psychological level) and finally 1.3226 (Tenkan-Sen line).

Forex Flash: EUR/USD bolstered by support at 1.3040 – RBS

According to Technical Strategist William Moore at RBS, “Previously the 1.3040 region was deemed as an appropriate support, however we think that recent price action opens up a short-term move back to the trend line break area around 1.3275 and the important Fibonacci retracement level above there at 1.3296. Moreover, it is worth noting too that the fairly distinct head and shoulders pattern looks like it had played out to the full just as the market traded fleetingly sub 1.3040. Should the 1.3040 level break, then we look to 1.2880 as the next meaningful level of support.”
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