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May 8, 2013
Forex: EUR/USD testing highs around 1.3180/85
FXstreet.com (Barcelona) - The steep bull correction in the cross is alive, now finding more oxygen to test previous highs in the region of 1.3180/85, as spiralling risk appetite increases the exodus from the safe havens.
It all started this morning after the German Industrial Production surpassed forecasts expanding 1.2% on a monthly basis, adding to the already upbeat data in the first economy of the bloc from Services PMI (Monday) and Factory Orders (Tuesday).
At the moment, the cross is advancing 0.74% at 1.3176 with the next hurdle at 1.3220 (high May 2) ahead of 1.3243 (high May 1) and finally 1.3319 (high Feb.25).
On the other hand, a breach of 1.3068 (low May 7) would open the door to 1.3052 (low May 6) and then 1.3033 (low May 3).
It all started this morning after the German Industrial Production surpassed forecasts expanding 1.2% on a monthly basis, adding to the already upbeat data in the first economy of the bloc from Services PMI (Monday) and Factory Orders (Tuesday).
At the moment, the cross is advancing 0.74% at 1.3176 with the next hurdle at 1.3220 (high May 2) ahead of 1.3243 (high May 1) and finally 1.3319 (high Feb.25).
On the other hand, a breach of 1.3068 (low May 7) would open the door to 1.3052 (low May 6) and then 1.3033 (low May 3).