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Forex: EUR/USD keeps the red around 1.2795/1.2800

FXstreet.com (Barcelona) - The shared currency seems to be carving a consolidation pattern ahead of tomorrow’s ECB gathering in the vicinity of 1.2790/1.2800, in a context dominated by the risk aversion so far.

“The ECB press conference will be packed, as President Draghi will answer questions on disappointing surveys, the Cypriot crisis and capital controls, contagion into Slovenian debt and worries of deposit flight elsewhere, and the uncertainties over the Italian elections, but we are likely one month too early for the ECB to change their guidance”, assessed Analyst Rich Kelly at RBS.

At the moment, the pair is down 0.15% at 1.2799
Next support levels line up at 1.2751 (low Mar.27) ahead of 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).
On the flip side, a break above 1.2886 (MA200d) would expose 1.2890 (high Mar.26) and finally 1.2943 (MA21d).

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The bloc currency is hovering over the key mark of 1.2800 on Wednesday, trading in a soft tone ahead of the ECB gathering due tomorrow...
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The EUR/GBP rose to just below the psychological level at 0.8500 during yesterday’s New York session. The price stood relatively still around that area until the London opening, where the market is pulling down to 0.8469, for now. Soon, the UK will see published the UK PMI Construction in March, expected to rise from 46.8 to 47.5. Afterwards, the preliminary release of March CPI in the Eurozone is due at 09:00 GMT and expected to ease from 1.8% to 1.7% (YoY).
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