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Forex: EUR/USD testing session highs

FXstreet.com (Barcelona) - The shared currency is accelerating its correction higher on Thursday, gyrating around 1.3175/80 ahead of the ECB gathering due later.

“The EUR has rallied into the ECB meeting; this is likely to have discouraged short sellers and squeezed some of the short speculators. As such, with less global risk appetite, we may see a rate cut today by the ECB see the EUR retrace gains and fall back to around 1.30”, suggested G.Gibbs, FX Strategist at RBS.

At the moment, the cross is down 0.08% at 1.3169 with the next support at 1.3120 (hourly high Apr.30) ahead of 1.3065 (MA21d) and finally 1.2988 (low Apr.25).
On the flip side, a break above 1.3243 (high May 1) would aim for 1.3319 (high Feb.25) en route to 1.3343 (61.8% of Feb-Apr slide).

European markets cautiously higher ahead of the ECB

The German DAX 30 (+0.26%), the French CAC 40 (+0.20%) and the Spanish IBEX 35 (+0.33%) are edging higher ahead of the ECB interest rate decision, while the Italian FTSE MIB is down by -0.44% despite the improvement in Markit manufacturing PMI. The British, Swiss, Norwegian and Swedish major indexes are down as well.
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Forex Flash: Gilts engage in range-bound trading – RBS

Gilts remain range-bound after meeting the 119.93 target, but failing to reach the 120.52 wave projection and reversing some of the gains after forming an outside session. According to Technical Strategist Dmytro Bondar at RBS, “The price however found a decent support at 119.56 and 119.27, where several Fibonacci retracement coincide, which overall suggest the worst might be over and the price should recover to 120.52 and potentially 121.00/26 after sitting in a 119.27 – 120.00 range for a while.”
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