Forex: EUR/USD held by 1.3050 after Spain debt auction
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EUR/USD
FXstreet.com (Barcelona) - The EURUSD has been weakening since the European opening, right after spiking to the 1.3100 level, and has gone to 1.3050 so far. A busy economic calendar released both Spain and Italy CPI reports as well as the SNB's monetary policy. Just now, the results of today's debt auction in Spain were published.
The Spanish government sold ¬2.024 of 2015 (¬681M at 3.358 - from 3.9%), 2017 (¬803M at 4.20% - from 4.766%) and 2040 (¬540M at 5.893% - from 4.782%) debt, beating the targeted ¬1-2B. The IFO institute revealed its new forecast for Germany growth, expecting a -0.3% contraction in Q4, a +0.2% growth in Q1 2013 and +0.7% in 2013.
"The 1.2880 support manages to restrict the bearish movement of the pair for the time being", wrote Deltastock.com analyst Stoyan Mihaylov, bearish on higher time frames but expecting a test of 1.3120 after seeing the breah of 1.3020-40 resistance.
The Spanish government sold ¬2.024 of 2015 (¬681M at 3.358 - from 3.9%), 2017 (¬803M at 4.20% - from 4.766%) and 2040 (¬540M at 5.893% - from 4.782%) debt, beating the targeted ¬1-2B. The IFO institute revealed its new forecast for Germany growth, expecting a -0.3% contraction in Q4, a +0.2% growth in Q1 2013 and +0.7% in 2013.
"The 1.2880 support manages to restrict the bearish movement of the pair for the time being", wrote Deltastock.com analyst Stoyan Mihaylov, bearish on higher time frames but expecting a test of 1.3120 after seeing the breah of 1.3020-40 resistance.
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