Forex: EUR/USD on negative ground ahead of EMU data

The EUR/USD made a steady retracement of losses back to its opening price, at 1.3351, but failed to hold up there, eventually falling down to as low as 1.3322 just ahead of the European opening. The pair is currently down by -0.23%, at 1.3332.

Ahead at 09:00 GMT, is EMU current account. The economic calendar is very light today, with the US and Canada out of the picture on President's Day and Family Day, respectively. ECB's Draghi will speak at 14:30 GMT.

UBS analysts are neutral: "There is strong support at 1.3270. Only a closing break below this would trigger deeper sell-off to 1.3187", wrote analyst Gareth Berry, pointing to resistance at 1.3393 ahead of 1.3520.

Feb 18, 2013

Forex: NZD/USD trading negatively at 0.8426/28

The NSD/USD closed out the previous week on a negative note, which looked to continue Monday, following the pair’s uneven performance into European trading. In recent moments, the cross has fallen nearly 13 pips off of the 0.8443 level to trade presently at 0.8426/28, recording a loss of -0.20% on the day.

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Feb 18, 2013

Forex: EUR/USD targets 1.3273, initial resistance at 1.3463 - Commerzbank

Commerzbank analysts have their eye on the 1.3273 3 month uptrend as the EUR/USD gets increasily under pressure: "The 1.3273/56 band is key support near term, this is the 16th Jan low, the 61.8% retracement and 3 month support line. This is likely to hold the initial test – however the risks have increased that we will see an eventual break down through here towards the more important 1.3202 7 month uptrend and a close below here is required to negate the up move completely", wrote analyst Karen Jones, pointing only to recovery above 1.3520 to neutralize the immediate outlook and potentially re-target the 1.3711 February high (not favoured). "Initial resistance is the accelerated downtrend at 1.3463", Jones added.

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