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Forex: EUR/USD bounces to its daily highs

The EUR/USD was finding resistance around 1.3390 and went for a retest of the 50% retracement of the move higher seen this year, to as low as 1.3358. The European opening pulled the pair back up towards that resistance area, ten pips below the 1.3400 psychological level.

The market is trading with low volumes and is missing a massive EUR buyer, China. Many Asian countries are celebrating New Year. France published its December Industrial Output at +0.1% (MoM), instead of the -0.2% expected. Output had risen 0.5% in the prior month. Next will be Portugal Global Trade Balance. As of writing, the EUR/USD trades at 1.3385.

“We target the 1.3270/56 zone near term, which we suspect will hold the initial test. This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3228 3 month support line”, wrote analyst Karen Jones.

Forex: GBP/USD reaches 1.5750

Unable to extend gains above 1.5810, the GBP/USD eased across the chart still ahead of the London opening, finding its current daily low, at 1.5750, as bells jingled.
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Forex: USD/JPY testing the 93.00 level

The USD/JPY has rocketed higher in recent minutes, jumping 32 pips during European trading Monday. At the time of writing the pair is testing the vaunted 93.00 level (initial resistance), having secured an advance of +0.26% thus far.
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