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Forex: EUR/USD hovering over 1.3560

The bloc currency has reverted initial losses after mixed data in the euro zone and improved risk-on mode on Tuesday, orbiting around 1.3560 as of writing.

Analyst Jane Foley at Rabobank explained that Spain, Italy and even Cyprus have the potential to hamper the positive momentum in the cross, either via their debt markets or in the case of Cyprus, complications stemming from its bailout.

“The road ahead remains rocky. That said, this morning’s bounce in EUR/USD suggests that the downside is still protected for the time being. This morning lows near 1.3460 will act as support near-term ahead of 1.34. Resistance in the 1.3575 area”, Foley concludes.

At the moment, the cross is up 0.29% at 1.3552 with the next resistance at 1.3660 (high Feb.4) ahead of 1.3664 (Upper Bollinger).
On the downside, a breach of 1.3415 (low Jan.29) would aim for 1.3377 (MA21d).

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