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Forex: EUR/USD pulls back to 1.3040 after NY opening

The EUR/USD climbed the chart in time for the New York opening, having reached the 1.3074 high, but later taking profits on the up move and easing to 1.3040 area, where it is currently sitting.

In the week ending at March 3, the yearly rise of the Redbook index was from 2.2% to 2.7% after a weekly change of +0.6%.

February business optimism rose from 88.9 to 90.8 in February, but market consensus was aiming at 91.3, which means a disappointing result according to NFIB data.

Germany WPI came in at 0.1% in February (MoM), below 0.3% consensus. CPI and HICP came in at 0.6% and 0.8%, respectively, as expected. France current account deficit widened from €-3.8B (revised from €-3.6B) to €-5B in January.

“I think today the pair may grow up a little bit to reach the level of 1.0335 and then reach a new minimum again, this time at 1.2940”, wrote Roboforex.com analyst Igor Sayadov, expecting the pair to start moving upwards and form a pivot point for a reverse. “The next targets may be at the levels of 1.3190 and 1.3400”, he added.

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