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Forex: EUR/USD prints new weekly high above 1.30

FXstreet.com (Barcelona) - The Euro has been boosted above the 1.30, intraday swing high from the last US session, and judging by the acceleration through the level, it suggests some stop loss order holders were caught on the wrong foot.

At the moment, and after EUR buyers held its ground at the 1.2930/2900 demand area, the pair printed a new high for the week at 1.3025, over 85-90 pips above yesterday's ephemeral low at 1.2940 following upbeat US retail sales numbers.

Technically, the EUR/USD requires either a move through 1.29 to the downside to strengthen the bearish case or else more days of seesawing intraday are likely. On the uspide, 1.3050 should present decent selling interest as per May 10 intraday double top followed by round 1.3110/3100, supply produced after sentiment shift on May 9, before price sold-off aggressively .

Commodities Brief: Precious metals finally setting up for next leg down?

The precious metals markets were lower today, with gold closing down 1.24% to finish at 1429 and silver closing down 0.67% to finish at 23.62. Oil was also unable to hold a firm bid during the day, closing down 0.91% to finish at 94.88. Economic data out of the US session was limited to Retail Sales, which came in better than expected at 0.1% actual vs. -0.3% expected. Expect volatility to pick up in the upcoming European session, with the German Zew set to be released at 9:00GMT.
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The AUD/USD closed sharply lower today, down 48 pips at 0.9953. This was the lowest daily close the pair has seen since June 2012, and could be a sign of further declines to come.
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