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Forex: EUR/USD capped below 1.3100 ahead of NY session

FXstreet.com (Barcelona) - Improved risk sentiment took the EUR/USD to higher pastures during the European morning, but investors didn’t defy the 1.3100 handle as the market started taking profits after reaching as high as 1.3097. The EUR/USD is currently under consolidation, at 1.3080/90 ahead of the New York opening.

With not much underway, liquidity is expected to stay low as the economic calendar is practically empty, with the exception of Canada CPI and speeches from Buba’s Weidmann at 12:30 GMT and FOMC member Stein at 16:00 GMT.

German PPI fell -0.2% (consensus of 0.0%) and annualized data eased from 1.2% to 0.4% (consensus of 0.7%). EMU current account surprised positively, with a wider seasonally adjusted surplus from €13.8B to €16.3B in February, beating expectations of €15.0B, and n.s.a. data at €12.1B instead of the €1.3B consensus. Italy industrial orders fell -2.5% (MoM) and from -3.3% to -7.9% (YoY), while industrial sales contracted -4.7% (MoM).

"The rebound after 1.3000 continues to be corrective in nature, thus preceding next leg downwards, to 1.2950", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to crucial resistance on the upside is 1.3110.

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