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Forex: EUR/USD still facing 1.3100 ahead of LTRO announcement

Having gone as high as 1.3118 yesterday, the EUR/USD has been mostly trading slightly under the 1.3100 mark throughout the Asian and Europe sessions. The European opening saw an attempt that was capped at 1.3101 high and after a new retest of 1.3080/85 support, the pair is back at the psychological level.

The ECB will be announcing its weekly report on the LTRO repayments at 11:00 GMT. Yesterday, President Mario Draghi said that 40% of the total amount was already repaid. Also at 11:00 GMT is German industrial production, expected to increase its monthly pace, from 0.3% to 0.5% in January.

The EUR/USD is bouncing higher “and while we would allow for this to extend further, both cloud resistance on the 240 minute chart (up to 1.3200) and the accelerated downtrend at 1.3178 are expected to cap the topside and the market will remain directly offered while capped here”, wrote Commerzbank analyst Karen Jones, pointing to initial support at 1.2885/76 (7th December low and 78.6% retracement).

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