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Forex: EUR/USD tumbles on EMU Sentix data

The market is reacting to the disappointing figure in the EMU Sentix Investor Confidence for March, as it fell more than predicted, from -3.9 to -10.6, while consensus was pointing to -5.2. Previously holding up above the 1.3000 mark and quoting close to 1.3020 during European time, a sudden sell-off took over and sent the EUR/USD down to 1.2982 low, for now.

The market is still above Friday's low of 1.2967. Only a slide below would mean an extension of the downside in 2013. Ahead is EMU PPI data, and more importantly, investors are looking for headlines coming from the Eurogroup meeting.

"In my opinion, the price is expected to start a new ascending structure; the market has already formed one impulse and may form two more", wrote Roboforex.com analyst Igor Sayadov, expecting a reversal soon. "I think today price may consolidate near its minimums for a while and then start forming the fifth wave with the target at 1.4100", he added.

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