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Forex: EUR/USD gets below 1.3000 after US factory orders

The EUR/USD is being pressured on the downside as the US session unfolds. First, the US ADP employment data says that the economy added 198K jobs in February, instead of 170K, and revised January's figure from 192K to 215K. The EUR/USD has fallen below 1.3000 and has gone to 1.2989.

Although US factory orders have dropped -2.0% in January, actual data came in better than the -2.2% expected. December data had risen by 1.3%.

Italy's Bersani said today that he's open to talks, including with Berlusconi, targeting political reform in the country.
In regard to tomorrow's ECB meeting, TD Securities analysts wrote: “"We see a 30-40% chance of a refi rate cut, which is not priced into the market".

Mataf.net analysts point to resistances at 1.3045, 1.3070 and 1.3105. On the downside, supports might be found at 1.2980 and 1.2930.

US EIA Crude Oil Stocks change rises to 3.833M in Mar 1 from 1.13M

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According Yohay Elam, analyst at Forex Crunch, the European Central Bank should remain on hold in March, as "Draghi's warning on the exchange rate of the euro already had a significant effect, and the elections in his home country already did more than a rate cut could have done.”
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