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Forex: EUR/USD extends its correction to 1.2840/45
FXstreet.com (Barcelona) - The single currency now accelerates its correction higher after printing fresh 2013 lows below 1.2820 earlier, gathering traction to the current area of 1.2835/40 as markets seem to slowly digest the fact that Cyprus could be a “unique” case.
In the data realm, Italian industrial Orders dropped 3.3% YoY in January and Industrial Sales followed suit falling 3.4% YoY, bettering December’s contractions of 9.0% and 6.1% respectively.
As of writing, the cross is down 0.13% at 1.2839 with the immediate support at 1.2730 (low Nov.19) would expose 1.2662 (low Nov.13). On the upside, the immediate hurdle sits at 1.2927 (MA10d) followed by 1.3050 (high Mar.25) and finally 1.3107 (high Mar.15).
