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Forex: EUR/USD jumps from 1.3160 support ahead of EMU data

FXstreet.com (Barcelona) - After falling to as low as 1.3153 on the European opening and testing the 20-day EMA support at 1.3160, the EUR/USD finally jumped higher again ahead of the EMU construction output and German 10-year bond auction, returning to the 1.3188 high.

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.

Having recovered most of the previous days’ losses and charted a new 6 week high, “we look for the market to fail ahead of the 1.3225/50% retracement”, say Commerzbank analyst Karen Jones, expecting the resumption of the EUR/USD down move, with intraday support circa 1.3027/22.

Forex Flash: IMF forecast makes grim reading for Eurozone policymakers - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the release of the IMF forecast projections yesterday makes grim reading for policymakers in Europe.
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EU Feb Construction Output s.a (MoM) increase to -0.8% vs -2.1% in Jan. (YoY) 0.8% vs. -9.0%.

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