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Forex: EUR/USD advances to fresh weekly highs

The euro saw a quick jump versus the dollar and reached fresh weekly highs just before the release of German Industrial Production. EUR/USD rose above the 100-day SMA (1.3124) and stretched to its highest level in 8 days at 1.3135.

However the EUR/USD was uninspired by German data and pulled back slightly. At time of writing, EUR/USD is trading around 1.3120/25, up 0.1% on the day ahead of the key event of the week, the NFP report.

If EUR/USD manages to break above 1.3135, next resistances are seen at 1.3160 (Feb 28 high) and then at 1.3200. On the other hand, immediate supports could be found at 1.3080 (intraday low), 1.3000 (psychological level) and 1.2966 (double bottom/ Mar 1 & 6 lows).

Germany: Annual Industrial Production decline accelerates in January

German Industrial Production fell 1.3% in January, down from the 0.5% drop registered the previous month, according to data released today by Destatis. Analysts expected slightly less decrease of 1.2%.
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Forex: EUR/GBP consolidates above 0.8700

The pair keeps trading above the key resistance at 0.8700 on Friday, bolstered by the positive momentum of the single currency although renewed strength in the sterling is hampering the upside at the moment....
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