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30 Apr 2013
Forex: EUR/USD dips to 1.3075/80 on Spanish GDP
FXstreet.com (Barcelona) - The bloc currency is accelerating its decline on Tuesday, printing fresh session lows in the area of 1.3070/75 after the Spanish economic activity contracted 2.0% during the first quarter, matching estimates and down from the previous contraction of 1.8%. On a QoQ basis, the GDP contracted 0.5% vs. -0.7% previous.
Next on tap in the euro zone docket will be the German jobless rate, expected to stay unchanged at 6.9% in April.
At the moment, the cross is down 0.13% at 1.3083 with the immediate support at 1.3029 (MA21d) followed by 1.2988 (low Apr.25) and finally 1.2958 (MA200d).
On the flip side, a break above 1.3130 (high Apr.19) would bring 1.3158 (MA100d) and then 1.3202 (high Apr.16).