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15 Apr 2013
Forex: EUR/USD dips below 1.3100 on economic slow down fears
FXstreet.com (Barcelona) - EUR/USD is currently down to session lows at 1.3064 from previous weekly close Friday at 1.3112, on the back of a broad USD and Yen bid move. The pair is down -0.32% so far for the session, following a massive sell-of in Gold, Silver and Oil.
China data came in lower than expected with GDP at +7.7% vs +8%, rising fears of a global economic slow down, while all local share markets trade in the red, with Nikkei index down -1.49% and Hang-Seng -1.62%. Oil is also -1.62% down for the session so far, coupled with US futures at fresh session lows.
Immediate support to the downside for EUR/USD lies at recent session lows 1.3064, followed by Thursday's/Friday's lows at 1.3043/36, and Feb 26 lows at 1.3014. To the upside, closest resistance shows at Thursday's NY session lows 1.3083, followed by recent session highs at 1.3120, and Friday's highs at 1.3130.