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EUR/USD Falls to Support on weak German employment data

After the euro was unable to climb on positive data from Germany, it now falls towards the 1.2750 support line on weak German data: the number of unemployed people rose by 13K, contrary to expectations for a drop of 2K. The unemployment rate remains at 6.9%.EURUSD Lower as the number of uenmployed people in Germany rises by 13K March 28 2013

The opening of banks in Cyprus is awaited.

EUR/USD made an attempt to rise above 1.2805 beforehand, climbing up from support at 1.2750. A strong retail sales figure from Germany helped, but wasn’t enough to make the break.

In addition, the euro-zone release the M3 Money Supply figure: it rose by 3.1% (annually), lower than 3.3% that was expected.

After this figure, the pair is falling. Banks in Cyprus are scheduled to open at 10:00 GMT, and capital controls have been imposed to prevent a bank run.

For more on the euro, see the Euro dollar forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.