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Forex: EUR/USD extends its correction to 1.2840/45

FXstreet.com (Barcelona) - The single currency now accelerates its correction higher after printing fresh 2013 lows below 1.2820 earlier, gathering traction to the current area of 1.2835/40 as markets seem to slowly digest the fact that Cyprus could be a “unique” case.

In the data realm, Italian industrial Orders dropped 3.3% YoY in January and Industrial Sales followed suit falling 3.4% YoY, bettering December’s contractions of 9.0% and 6.1% respectively.

As of writing, the cross is down 0.13% at 1.2839 with the immediate support at 1.2730 (low Nov.19) would expose 1.2662 (low Nov.13).
On the upside, the immediate hurdle sits at 1.2927 (MA10d) followed by 1.3050 (high Mar.25) and finally 1.3107 (high Mar.15).

Spain Jan Current Account Balance: €-2.64B vs €4.87B (Dec)

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Forex: EUR/USD bounces from 1.2817 low on European opening

Having fallen to fresh 2013 lows, at 1.2817, just ahead of the European opening, the EUR/USD bounced to 1.2840 area as the economic calendar keeps pumping updates in the European region.
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