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Forex: EUR/USD jumps back to highs on NY opening

FXstreet.com (Barcelona) - The European morning drop, supported around 1.3070 (spike low at 1.3056), is being rapidly retraced on the New York opening as US investors get ready for May and the FOMC meeting. In little time, the EUR/USD jumped 50 pips to 1.3118, two pips from the daily high of 1.3120.

According to the S&P/Case-Shiller Home Prices Indices, housing prices have risen by 9.3% in February, beating market consensus of 9.0% and increasing the rising pace from last month’s 8.1%.Ahead is US consumer confidence and Chicago PMI.

“The EUR/USD currency pair completed an ascending wave. We think, today the price may start forming a descending structure, break the previous ascending channel, and reach the level of 1.3000”, wrote Roboforex.com analyst Igor Sayadov, suggesting then a return to the broken ascending channel and then a drop to renew the minimum of this wave at the level of 1.2940.

Forex: EUR/JPY rises back to 128.00

The euro managed to recover ground versus the yen at the beginning of the NY session, after falling to the 127.20 area in the wake of disappointing eurozone data. EUR/JPY found buyers at lows and rose back to the 128.00 zone, erasing almost completely its daily losses.
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