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Forex: EUR/USD retracts from 1.3028 spike high to 1.3000 mark

FXstreet.com (Barcelona) - The EUR/USD jumped by 72 pips to 1.3028 high on the release of the US NFP report, with the March figure at 88K (consensus of 200K) and the February number being revised higher from 236K to 268K. Profit taking has brought the pair to test the 1.3000 psychological level.

US average hourly earnings came in at 0.0% (consensus of 0.2%) and average weekly hours at 34.6 (consensus of 34.5). The unemployment rate in the US dropped unexpectedly from 7.7% to 7.6% in March. The US trade deficit narrowed from $-44.45B to $-43.00B (consensus of $-44.60B).

The first reading for GDP Q1 2013 came in at -0.6%. EMU retail sales contracted by -0.3% in February, more than the -0.2% expected and after a +1.2% rise in the previous month. The annualized figure rebounded from -1.9% (revised from -1.3%) to -1.4%, while market consensus was pointing to -1.8%. German Factory orders came in at +2.3% (MoM) and 0.0% (YoY) from -1.6% and -2.1%, respectively, surprising investors that were expecting +1.2% and -1.5%. The ECB announced LTRO repayments of €8.064bn from 20 banks, with the amount split roughly evenly between the first and second LTROs.

Mataf.net analysts point to resistance at 1.3040. On the downside, supports might be found at 1.2900, 1.2875 and 1.2795.

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