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Forex: EUR/USD stronger, tries to extend above 1.3400

After stale trading during the Asian shift, as those markets are closed for New Year, the EUR/USD first went for a retest of the 50% retracement of the move higher seen this year, to as low as 1.3358. But after that, attempts at breaching above the 1.3400 psychological level have been seen, particularly in the most recent hour.

The EUR/USD didn't go higher than 1.3412 and is now surrounding the 1.3400 zone. France published its December Industrial Output at +0.1% (MoM), instead of the -0.2% expected. Output had risen 0.5% in the prior month.The Portuguese Global Trade deficit narrowed from €-2.796B to €-2.58B in December.

“The bias here is still negative for a slide towards 1.3260 support area. Crucial on the upside is 1.3429 and a violation of that level will state, that the downmove from 1.3577 is already over”, wrote Deltastock.com analyst Stoyan Mihaylov.

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