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      Forex: EUR/USD surges to the area around 1.3570/80

      The single currency rapidly climbed to the boundaries of 1.3580 on Wednesday, despite the poor data out of the French trade balance and the Spanish industrial production.

      Ahead of the ECB meeting, Derek Halpenny, analyst at BTMU, commented “… we would expect a slightly less optimistic tone in the press conference than last month given that the momentum in the sovereign debt markets has begun to reverse and that “positive contagion” is not as evident today as it was a month ago”.

      At the moment, EUR/USD is advancing 0.34% at 1.3568
      Next resistance levels line up at 1.3598 (high Fe.5) ahead of 1.3653 (Upper Bollinger) and then 1.3660 (high Feb.4).
      On the flip side, a breakdown of 1.3494 (low Feb.6) would aim for 1.3459 (low Feb5) and then 1.3415 (low Jan.29).

      Forex: EUR/JPY rallies 100 pips on European opening

      In less than one hour, the EUR/JPY has already rallied 100 pips, from 126.36 to 127.36, as the European trading starts and investors price in expectations ahead of the ECB monetary policy decision and Draghi's press conference. Such events will take place at 12:45 GMT and 13:30 GMT.
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      Forex: USD/CHF plunges below 0.9100 level

      The USD/CHF has certainly wilted ahead of the ECB decision later this afternoon, as the pair plunged 40 pips off its European highs (0.9112) to record fresh lows at 0.9072. However, in recent minutes, the pair has pared some of its losses to trade at 0.9082/86 at the time of writing, still ultimately incurring a loss of -0.19% Thursday.
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