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Forex: EUR/USD falls below 1.29, Cyprus fails to get Russian aid

FXstreet.com (Barcelona) - The Euro has fallen from its daily high at 1.2934 to find a new session low in Asia at 1.288, following the news that Cyprus failed to get the financial support from Russia, Cyprus finance minister Mr. Sarris said.

According to Fan Yang, technical analyst at FXTimes, and contributor at FXstreet.com: "At this point, a break above 1.2995-1.30 would form a inverse head and shoulders pattern in the 1H time-frame, and neutralize th bearish outlook in the near-term. A hold below 1.29 would maintain the bearish outlook."

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As Hong-Kong and Shanghai were back from lunch break, started to selling off breaking lower previous session supports taking USD/JPY down with it, last at 94.64, off fresh session lows at 94.53, as EUR/USD has been selling off as well following headlines saying Cyprus Fin Min didn't get requested financial support from Russia.
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Forex: EUR/USD orbiting around 1.2900

The single currency is holding steady around the 1.2900 figure on Friday, ahead of the German IFO. Prior surveys expect the indicator to come in a tad higher in March in all of its components....
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