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Forex: EUR/USD testing support at 1.3037/38

An earlier upside attempt that was capped by the 1.3102 region (session high), the EUR/USD broke lower, surrendering its gains and plunging into negative territory. With the release of economic data in the EMU, the pair is being propped up by support, currently testing the area of 1.3037/38 in these moments (previously the cross fell below initial support at 1.3052).

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., the EUR/USD faces supportive means at 1.3039, and finally 1.3017. On the other side, a break above 1.3100 will initiate resistive means at 1.3136, up to 1.3161.

Earlier today in the EMU, fresh concerns over the Eurozone economy again surfaced as the Unemployment Rate rose to 11.9% in January, missing expectations of only 11.8%. In addition, the Consumer Price Index (YoY) climbed +1.8% in January, compared with a figure of +2.0% previously.

“As the price remains within bear-channel off 1.3710 peak, we see scope for a retest of the initial 1.3000 support, a loss of which will commence a fresh leg lower and expose the 1.2900 zone (also Fib 76.4% of 1.2660/1.3710 ascent).” warns Drvenica.

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