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Forex: EUR/USD gathering traction around 1.2825/30

FXstreet.com (Barcelona) - The sentiment surrounding the euro remains upbeat on Thursday, despite the recent unsuccessful meeting between Italian centre-left leader P.L.Bersani and President G.Napolitano, after another failed attempt by Bersani to form a coalition government.

“So with Cyprus possibly fading from focus, we expect the euro may derive direction over the coming weeks from events in Italy. Yield spreads in Spain and Italy over Germany remain an important driver of EUR/USD”, explained the research team at BTMU.

As of writing, the cross is up 0.40% at 1.2828 with the next hurdle at 1.2867 (high Mar.27) followed by 1.2883 (MA200d) and finally 1.2890 (high Mar.26).
On the flip side, a break below 1.2751 (low Mar.27) would bring 1.2730 (low Nov.19) and finally 1.2685 (weekly cloud base).

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