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15 Apr 2013
Forex: EUR/USD just below 1.3100 ahead of US housing
FXstreet.com (Barcelona) - With the US NAHB housing market index ahead, the EUR/USD is trading just below the 1.3100 ground after seeing profit taking 1.3108 to 1.3079 on the NY opening and publication of NY empire state manufacturing index and US TIC flows.
Having come in at $25.7B in January, the February release of US net tic flows disappointed investors at $-17.8B. Market consensus was pointing to $41.3B. Total Net TIC flows eased from $116.8B (revised from $110.9B) to $53.6B. The NY empire state manufacturing index also disappointed, down from 9.74 to 3.05 in April, below 7.00 consensus.
“Friday's violation of 1.3040 low signals, that a top has been set at 1.3140 and my outlook here is negative, towards 1.2950 support area, before renewal of the corrective uptrend towards 1.3300”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial intraday support at 1.3040.
Having come in at $25.7B in January, the February release of US net tic flows disappointed investors at $-17.8B. Market consensus was pointing to $41.3B. Total Net TIC flows eased from $116.8B (revised from $110.9B) to $53.6B. The NY empire state manufacturing index also disappointed, down from 9.74 to 3.05 in April, below 7.00 consensus.
“Friday's violation of 1.3040 low signals, that a top has been set at 1.3140 and my outlook here is negative, towards 1.2950 support area, before renewal of the corrective uptrend towards 1.3300”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial intraday support at 1.3040.