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Forex: EUR/USD hovering over 1.2860

FXstreet.com (Barcelona) - The single currency remains muted around the mid 1.2800s as we enter the last part of the Wall St. session on Tuesday.

“We would not be surprised to see 1.2750 tested in coming days as speculation of an ECB rate cut percolates. There is considerable interest and tension regarding the reopening of the Cypriots banks on Thursday”, commented Currency Strategist Mike Jones at BNZ.

At the moment, EUR/USD is gaining 0.07% at 1.2858 and a surpass of 1.2950 (MA10d) would aim for 1.3050 (high Mar.25) en route to 1.3107 (high Mar.15).
On the flip side, support levels lie at 1.2828 (intraday low) followed by 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).

Forex: USD/JPY rises above 94.50

The US dollar is currently trading higher against the Japanese yen and after rising around 50 pips from the 94.10 in the late American session, the USD/JPY has broken above the 94.40 resistance to reach fresh intra-day high at 94.60. Currently the pair is trading at 94.55.
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Forex Flash: Too early to call for a USD bull market – ANZ

According to Richard Yetsenga at ANZ, “In our view recent data continues to support the view that the dollar is structurally vulnerable. The basic balance deficit remains very wide, the global private sector only tends to increase Treasury buying when there is a flight from somewhere else, there has still been no obvious recovery in FDI despite all the talk of offshoring.”
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