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Forex: EUR/USD recovers 1.2980

FXstreet.com (Barcelona) - The shared currency left session lows in the vicinity of 1.2960 overnight to attempt a rebound to the current 1.2980/85 region, although the sentiment remains prone to the risk-off trade.

Empty docket in the euro area will leave the euro to the mercy of the risk trends on Monday, after Chinese Retail Sales posted an annual expansion of 12.8% in line with estimates, and the industrial production grew 9.3% in April, below forecasts at 9.5%.

At the moment, the cross is up 0.10% and a break above 1.3051 (high May 10) would the target 1.3075 (MA21d) and finally 1.3100 (MA10d).
On the flip side, support levels line up at 1.2932 (61.8% of 1.2740-1.3243) followed by 1.916 (daily cloud base) and then 1.2850 (76.4% of Apr. range).

Chinese retails sales come as expected

A batch of Chinese data was just released, with industrial production (YoY) coming at 9.3% vs 9.5% expected and 8.9% prior. Meanwhile, retail sales (YoY) showed 12.8, in line with expectations, and 12.6% last. With regards to urban investment (YTD) (YoY), the number came at 20.6% vs 21.0% expected and 20.9% prior.
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Forex: GBP/USD opening in 1.5350 territories

Sterling has started the European session decisively below the 1.5400 handle where it fell over 100 pips last week to trade at its lowest level in 2 weeks, finding bids at 1.5310.
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