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Forex: EUR/USD stabilizing at 1.2950

Wednesday started off with signs of a possible continuation of the rebound drawn at the start of the week, but the upside was limited to 1.3065 high and after the threat of losing the 1.3000 psychological level, positive US data sharpened losses to 1.2924 low. The pair is now stabilizing at 1.2950 area.

Retail sales in the US rose 1.1% in February, surprising the 0.5% expectations. January data was revised higher, from 0.1% to 0.2%. Ex-auto data surprised at 1.0%, beating 0.5% consensus, and saw the January figure being revised higher, from 0.2% to 0.4%.

Portugal's Prime Minister Passos Coelho said today that the country is at the stage they can no longer question the fiscal adjustment and that they can count with European support.

“The EUR/USD hourly chart shows indicators heading south below their midlines, and 20 SMA gaining bearish slope above current price, as price struggles below the 1.2980 immediate resistance level.

“An acceleration below 1.2950 should expose the 1.2880 strong static support area”, wrote FXstreet.com independent analyst Valeria Bednarik, pointing to resistance at 1.3070.

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