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Forex: EUR/USD pressured on European opening, low at 1.3153

FXstreet.com (Barcelona) - The EUR/USD was trading mostly flat on the day but after a first move to 1.3188 high, the pair tumbled 35 pips on the European opening to 1.3153 low and its following bounce to 1.3167 was quickly retraced. The market is consolidating yesterday’s up move that peaked at 1.3201.

After the publication of UK labor market data, investors will be eyeing the release of EMU construction output and results of the German 10-year bond auction. According to The Telegraph, French president Francois Hollande is finding resistance among the government against a fresh round of tax rises and austerity to meet EU deficit targets.

“Fresh rally through 1.3160 and test of psychological 1.3200 barrier, keeps the upside focused, with immediate target at 1.3227, 50% of broader 1.3710/1.2744 fall, break of which to resume near-term recovery off 1.4830”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to support at the 20-day MA at 1.3160.

Forex Flash: Yen sharply weaker as investor Gold concerns ease - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the yen is sharply weaker today and the Topix Index has retraced yesterday’s decline as investors’ concerns over the sudden sharp drop in gold ease.
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Commodities Brief – Precious metal rallies held by resistance, crude moves toward 88.00 level

Gold prices have been held without a major recovery rally since its earlier debacle this week, instead being stonewalled by the 1400 resistance. As of European trading Wednesday, the price of gold is now trading at USD $1379.71 per oz. Gold prices moved higher in a correctional bounce yesterday, retesting the 1400.00 level. However, the excessive oversold conditions on different timeframes was the main catalyst for the move – accordingly, the market is likely to see more fluctuations and high volatility within the upcoming period.
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