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Early Europe Provides Post ECB Rally Counter

EUR
MNI (London)
  • Having extended its recent recovery to $1.2178(Jan14 high) into the European session rate it has met decent resistance which, along with the data react pullback in GBP/USD, has pressed rate back to $1.2155.
  • Minor support seen at $1.2154(23.6% retrace of the move up from Thursday's low of $1.2077) a break to expose stronger support between $1.2140/30.
  • EZ flash PMI's in focus along with the release of the ECB survey of professional forecasters at 0900GMT.
  • Resistance remains at $1.2178/83, a break to expose the area around $1.2200.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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