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Forex: EUR/USD at highs of 1.2845 during NY session

FXstreet.com (Barcelona) - The EUR/USD bounced from 1.2755 low and regained the 1.2800 ground, coming to as high as 1.2845 during the NY session. Investors are pricing in the US data and headlines coming from Cyprus and Italy.

Cypriot banks reopened and capital controls were placed successfully. However, myriad households and companies had withdrawn as much as €1.0 billion from their bank accounts in Cyprus last month, according to data estimates compiled by the European Central Bank on Thursday. Under a deal agreed in Brussels on Monday, Cyprus must raise an estimated €5.8 billion to qualify for a €10.0 billion bailout from the Troika.

In Italy, negotiations to reach a coalition has been quite a challenge and a nomination of an interim government is becoming increasingly likely as the solution for the political crisis.

US Chicago PMI fell from 56.8 to 52.4 in March, below expectations at 56.5. The third reading of the Q4 GDP data in the US points to economic growth by 1.0%, instead of the expected 0.9%. The annualized figure remained at 0.4% growth. In the week ending at March 24, initial jobless claims rose from 341K to 357K, instead of easing slightly to 340K. Continuing claims eased from 3.077M (revised from 3.053M) to 3.050M, but analysts were expecting 3.043M. The quarterly change of Personal Consumption Expenditures in Q4 was able to beat consensus of an unchanged figure at 1.5% and rose to 1.6%.

“The downtrend here is absolutely intact and current rebound above 1.2748 low should be considered corrective in nature, preceding next leg downwards, to 1.2700 area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to resistance at 1.2820 and at 1.2890.

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