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4 Mar 2013
Forex: EUR/USD in quick jump on US ISM New York
The US ISM New York index for February triggered an upside reaction in the EUR/USD, jumping 10 pips from the 1.3000 mark. The pair is still counting daily losses while below the week start price of 1.3018.
For the fourth month in a row, the ISM New York kept the expansionary pace. Rising from 56.7 to 58.8 in February. The Eurogroup meeting is also being eyed as Portugal and Ireland look to extend maturities of their bailouts.
"Monitor the test of the key support at 1.2998 (04/01/2013 low). An hourly resistance can be found at 1.3162 (28/02/2013 low)", wrote MIG Bank analyst Bijoy Kar, pointing to another support at 1.2877 (07/12/2012 low).
For the fourth month in a row, the ISM New York kept the expansionary pace. Rising from 56.7 to 58.8 in February. The Eurogroup meeting is also being eyed as Portugal and Ireland look to extend maturities of their bailouts.
"Monitor the test of the key support at 1.2998 (04/01/2013 low). An hourly resistance can be found at 1.3162 (28/02/2013 low)", wrote MIG Bank analyst Bijoy Kar, pointing to another support at 1.2877 (07/12/2012 low).