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4 Feb 2013
Forex: EUR/USD keeps the red ahead of US data
The bloc currency continues to trade in the negative ground on Monday, ahead of the US Factory Orders, expected to grow 1.0% in December from a flat reading in the previous month.
“We expect the euro strength to continue. The only thing that probably can stop the euro recovery is a soft currency rhetoric from the ECB on Thursday and we doubt we will see that”, suggests Chief Analyst A.von Mehren at Danske Bank.
At the moment, the cross is losing 0.66% at 1.3561
Next support levels line up at 1.3542 (low Jan.31) followed by 1.3483 (low Jan.30).
On the other hand, a climb beyond 1.3660 (hourly high Feb.4) would bring 1.3711 (high Feb.1).
“We expect the euro strength to continue. The only thing that probably can stop the euro recovery is a soft currency rhetoric from the ECB on Thursday and we doubt we will see that”, suggests Chief Analyst A.von Mehren at Danske Bank.
At the moment, the cross is losing 0.66% at 1.3561
Next support levels line up at 1.3542 (low Jan.31) followed by 1.3483 (low Jan.30).
On the other hand, a climb beyond 1.3660 (hourly high Feb.4) would bring 1.3711 (high Feb.1).