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20 Feb 2013
Forex: EUR/USD edges higher after US data
The euro edged slightly higher versus the dollar, moving off recent lows, after the latest string of US data showed housing starts declined 8.5% in January, while producer prices came in softer than expected.
EUR/USD rose toward the 1.3380 zone from 1.3370 right before the data, recovering from the 1.3360 area where the pair scored a low earlier on the day. At time of writing, EUR/USD is trading around 1.3375, still 0.1% below its opening price.
On the upside, the pair could face immediate resistances at 1.3400 (psychological level), 1.3450 (21-day SMA) and 1.3475 (high Feb 12). On the downside, below 1.3360, next supports are seen at 1.3307 (low Feb 15) and 1.3286 (low Jan 24).
EUR/USD rose toward the 1.3380 zone from 1.3370 right before the data, recovering from the 1.3360 area where the pair scored a low earlier on the day. At time of writing, EUR/USD is trading around 1.3375, still 0.1% below its opening price.
On the upside, the pair could face immediate resistances at 1.3400 (psychological level), 1.3450 (21-day SMA) and 1.3475 (high Feb 12). On the downside, below 1.3360, next supports are seen at 1.3307 (low Feb 15) and 1.3286 (low Jan 24).