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8 Mar 2013
Forex: EUR/USD revisits 1.3100 ground on European opening
As the market enters the European session, the EUR/USD is revisiting the 1.3100 ground after finding support at 1.3080. The pair remains “red” on the day but losses could be fully erased easily.
France budget shows a narrower deficit in January, improving from €-87.2B to €-12.8B. The economic calendar will have German industrial production and LTRO repayment announcement at 11:00 GMT, but investors are focused on US nonfarm payrolls later in the day.
“As long as resistance at 1.3162 holds, the pair remains vulnerable”, wrote UBS analyst Gareth Berry. “Support is at 1.2965, a break below would pave the way for weakness to test 1.2877”, he added.
France budget shows a narrower deficit in January, improving from €-87.2B to €-12.8B. The economic calendar will have German industrial production and LTRO repayment announcement at 11:00 GMT, but investors are focused on US nonfarm payrolls later in the day.
“As long as resistance at 1.3162 holds, the pair remains vulnerable”, wrote UBS analyst Gareth Berry. “Support is at 1.2965, a break below would pave the way for weakness to test 1.2877”, he added.