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22 Apr 2013
Forex: EUR/USD pressured ahead of EMU and US data
FXstreet.com (Barcelona) - The EUR/USD is pressuring the downside as the EMU consumer confidence is due and the US National Association of Realtors gets ready to publish March existing home sales at 14:00 GMT. The pair is already down to 1.3021 low, -0.21% on the day.
US Chicago Fed National Activity Index fell from 0.76 to -0.23 in March. The February figure was revised higher from 0.44. Consumer confidence in the EMU is expected to drop from -23.50 to -23.85 in April.
“The EUR/USD currency pair is trying to form an ascending structure to continue its correctional movement”, wrote Roboforex.com analyst Igor Sayadov. “We think, today the price may form another descending structure to reach the level of 1.2940. This structure will help us to define future scenario”, he added, expecting a fifth descending wave with the target at 1.2700.
US Chicago Fed National Activity Index fell from 0.76 to -0.23 in March. The February figure was revised higher from 0.44. Consumer confidence in the EMU is expected to drop from -23.50 to -23.85 in April.
“The EUR/USD currency pair is trying to form an ascending structure to continue its correctional movement”, wrote Roboforex.com analyst Igor Sayadov. “We think, today the price may form another descending structure to reach the level of 1.2940. This structure will help us to define future scenario”, he added, expecting a fifth descending wave with the target at 1.2700.