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EUR/USD lies eyes on 1.3000

The demand for the single currency remains depressed on Friday, as the US ‘sequester’ is bolstering the increasing risk aversion. Mixed data from the euro area are weighting on the cross as well, adding to the downside.

“EUR/USD we are beginning to suspect that the upside corrective phase terminated at 1.3163, which suggests that attention should revert to 1.3000”, signalled Karen Jones, Head of FICC Technical Analysis at Commerzbank. The expert also added that the initial target is located at 1.2679/81 (61.8% retracement of up-move from summer ’12 and November lows).

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