EURUSD dropped on Friday and closed at 1.3185. The European Commission projected on Friday that the Eurozone economy would contract by 0.3 percent in 2013. The pair dropped sharply lower, but the losses were capped as Germany’s business climate index climbed to a reading of 107.4 in February. The Gross Domestic Product in Germany also rose by 0.1 percent on an annual basis in the fourth quarter of 2012. Later today the German Buba President Weidmann Speaks. Support for the EURUSD is seen at 1.3174 and resistance is seen at 1.3290. The HotForex Traders Board shows that 54 percent of the traders are short on the EURUSD.
GBPUSD
The Cable dropped on Friday and closed at 1.5175. Moody’s Investors Service downgraded its credit rating on the United Kingdom by one notch to ‘Aa1? and changed the outlook on the nation’s debt to ‘Stable’ from ‘Negative’. Over the weekend the Chancellor of the Exchequer, George Osborne, indicated that he would not abandon his austerity measures despite increasing pressure from the opposition to change economic policy. Support for the GBPUSD is seen at 1.5117 and resistance is seen at 1.5320. The HotForex Traders Board shows that 81 percent of the traders are long on the GBPUSD.
EURUSD trading higher ahead of the Italian election results
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