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Forex: EUR/GBP establishing fresh lows at 0.8724/25

The EUR/GBP broke higher Tuesday, ascending to 0.8753 during overnight trading (session high) before taking an eventual downturn. Since the, the cross has plummeted, over 25 pips, moving into negative territory and establishing fresh lows at 0.8724/25 in these moments.

“The EUR/GBP's trading settled above the uptrend's key support and prolonged stability above the 0.8700 level is now viewed as positive, and it could very well bolster the pair to touch levels surrounding 0.8800 again.” writes the ICN.com Technical Analyst Team.

Earlier today in Germany, the Consumer Price Index (YoY and MoM) grew +1.5% in the month of February (matching expectations), and +0.6% in February (consistent with projections) respectively. In addition the Harmonized Index of Consumer Prices (YoY) offered little surprise when it reported +1.8% in February, in like with expectations.

According to Research Analyst Gareth Berry at UBS, “We reiterate a strictly bullish stance for the EUR/GBP, while there is potential to further open to the upside to test resistance at 0.8831, while break above would open the way to 0.9021. Support is at 0.8676 ahead of 0.8589.”

Forex: USD/JPY at lows around 96.33/38

After an early up move to 96.72 high on improving consumer confidence in Japan, the USD/JPY then retraced those gains, finding resistance at 96.33/38. The pair remains subdued at that area, but threatens more losses.
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Forex: NZD/USD trading negatively at 0.8235/38

The NZD/USD downside has continued into Tuesday as the pair has been in decline since the overnight session, extending well into these moments during European trading. The cross is firmly entrenched in the red, down -0.36% off its opening, as it attempts to slow the bleeding at 0.8235/38.
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