EURUSD traded sideways yesterday and closed at 1.3734. The European Central Bank Governing Council Ignazio Visco hinted a possible of potential discussion about introducing negative deposit rates at the upcoming policy meeting in March. The German Ifo Business Climate data released yesterday surprised the markets coming better than expected in February at a reading of 111.3. In the United States the President of the United States Federal Reserve in Dallas Richard Fisher stated that the US central bank would continue with its 10 billion dollars taper at the upcoming meetings. The Flash Services PMI in the United States declined to a reading of 52.7 in February.
In a release today the German Final GDP came out in line with the market expectations at 0.4 percent in fourth quarter of 2013. Investors are now looking forward for the CB Consumer Confidence report due from the United States.
Support for the EURUSD is seen at 1.3705 and resistance is seen at 1.3770. The HotForex Traders Board shows that 73 percent of the traders are short on the EURUSD.
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EURUSD trading higher ahead of the CB Consumer Confidence release from the United States
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