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Forex: EUR/USD bouncing off lows, around 1.3040/45

The bloc currency is picking up pace on Wednesday, climbing back to the 1.3040/45 region after dipping to the boundaries of 1.3020 ahead of the ADP Employment report in the US economy. Market consensus expects the US private sector to add 170K jobs during February.

Derek Halpenny, Analyst at BTMU, commented, “It is notable that as the Dow Jones sits at a record high, EUR/USD is barely holding above 1.3000. The dynamics have changed in the FX market and the change bodes well for the US dollar. However, the ECB decision tomorrow when we expect rates to be left unchanged should limit EUR/USD downside risk for now”.

As of writing, the cross is losing 0.06% at 1.3044 with the next support at 1.3010 (low Mar.5) ahead of 1.2982 (low Mar.4) and then 1.2966 (2013 low Mar.1).
On the upside, a breakout of 1.3075 (high Mar.5) would expose 1.3085 (MA10d) and then 1.3101 (high Mar.1).

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