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Forex: EUR/USD remains in narrow range during Asia session

FXstreet.com (Barcelona) - The EUR/USD is currently down 8 pips at 1.3050, with the pair not reacting much in either direction after the HSBC China PMI print came in below expectations earlier in the session. The economic calendar out of Europe will be busy in the coming session including German PMI (7:28 GMT) and European PMI (7:58 GMT).

According to analysts at FXStreet.com, “No new developments in the EUR/USD, with the supply level at 1.3120/40 -noted in several occasions in our daily report - still a sellers stronghold, while on the downside, any approach at 1.30 conventional/psychological support continues to push prices away.’ Furthermore they added,. “Should the level be broken, fresh demand lies below in the 1.2930/1.29 area, as per the April 5th drop-base-rally, a 'level on top of level', which strengthens the case to see an initial decent bounce off the level in case a test takes place in the next sessions ahead.”

Due to the trading range behavior in recent weeks, short term moving averages and momentum indicators remain in neutral set up. Until the pair can decisively make a move above or below the recent range, expect more choppy price action.

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Forex: EUR/JPY consolidates around 129.00 support, Eur PMI on tap

The EUR/JPY is trading down 44 pips at 129.10. Earlier in the session the pair traded just below the 129.00 level, but again found firm support and is attempting to recover some losses. It appears the HSBC China PMI (50.5 actual vs. 51.4 estimate) data released earlier in the session has caused some un-winding of Yen carry trades as they are all lower across the board. The economic calendar out of Europe will also be in focus with both German PMI (7:28 GMT) and European PMI (7:58 GMT) releases due out.
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