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EUR/USD back below 1.0550

FXStreet (Mumbai) - The EUR came under fresh selling pressure in the Asian session today, taking the EUR/USD pair below 1.0550 levels.

Rejected near 1.06

The minor bid wave on the EUR seen earlier today failed to take the pair above 1.006 levels, as the it reversed direction from 1.0592 levels to trade at the current level of 1.0546. Still, the pair is slightly stronger, when compared to the previous session’s low at 1.0519.

Ahead in the day, we have the Eurozone industrial production data, which is expected to show the activity slowed down in February. Meanwhile, Greek issue would continue to influence the pair.

EUR/USD Technical Levels

The immediate resistance is seen at 1.06 (5-DMA), above which gains could be extended to 1.0650 levels. On the flip side, a break below 1.05 could see the pair drop to 1.0461.

UK March CPI expected to remain at zero - Rabobank

Jane Foley, Senior Currency Strategist at Rabobank, expects UK’s CPI to remain at 0%yoy in March, but risks exist for a negative dip, and further add that in spite of the low CPI consumers or firms have refrained from adopting a deflationary mindset.
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USD/JPY: Yen prints fresh 4-day highs below 119.70

The yen continues its winning streak versus the US dollar heading in to the European opening bells, with USD/JPY breaking below the key 120.70 support as the Japanese PM's adviser - Koichi Hamada’s pro-JPY comments continue to bolster the domestic currency.
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