Forex: EUR/USD supported by 1.2540
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EUR/USD
FXstreet.com (Barcelona) - A German government spokesperson's comment that the ECB would be violating its mandate if proceeded with the bond buying plan didn't help Euro sentiment as the EURUSD dropped from 1.2560 after the release of the disappointing EMU confidence data.
After stabilizing at 1.2540 area, with a low at 1.2536, the pair is now retracing some of the losses as it inches higher to 1.2550 zone. Ahead are US jobless claims and personal income and spending. However, TD Securities analysts don't expect much market movement on that as investors position themselves ahead of Fed's Bernanke speech on Friday.
"It continues to hold onto the short squeeze gains seen on Monday and only a fall through the short term uptrend at 1.2382 will alleviate upside pressure and suggest the medium term downtrend has resumed", wrote Commerzbank analyst Karen Jones.
After stabilizing at 1.2540 area, with a low at 1.2536, the pair is now retracing some of the losses as it inches higher to 1.2550 zone. Ahead are US jobless claims and personal income and spending. However, TD Securities analysts don't expect much market movement on that as investors position themselves ahead of Fed's Bernanke speech on Friday.
"It continues to hold onto the short squeeze gains seen on Monday and only a fall through the short term uptrend at 1.2382 will alleviate upside pressure and suggest the medium term downtrend has resumed", wrote Commerzbank analyst Karen Jones.
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