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16 Apr 2013
Forex: EUR/USD capped by 100-day SMA
FXstreet.com (Córdoba) - The shared currency pushed higher and printed a fresh 7-week high versus the dollar after data showed US housing starts rose more than expected in March. EUR/USD stretched to a high of 1.3147 but found strong resistance at the 100-day SMA and pulled back.
At time of writing, EUR/USD is trading at the 1.3125 area, where it records a 0.7% gain on Tuesday. If the euro manages to break above 1.3147, next resistances are seen at 1.3163 (Feb 28 high) and 1.3200 (psychological level). On the other hand, supports in case of dips could be found at 1.3080 (100-hour SMA) and 1.3030 (intraday lows/200-hour SMA).
Meanwhile, separated data showed US industrial production grew 0.4% in March, beating expectations of a 0.2% rise.
At time of writing, EUR/USD is trading at the 1.3125 area, where it records a 0.7% gain on Tuesday. If the euro manages to break above 1.3147, next resistances are seen at 1.3163 (Feb 28 high) and 1.3200 (psychological level). On the other hand, supports in case of dips could be found at 1.3080 (100-hour SMA) and 1.3030 (intraday lows/200-hour SMA).
Meanwhile, separated data showed US industrial production grew 0.4% in March, beating expectations of a 0.2% rise.