EUR/USD Falls to Support on weak German employment data

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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.

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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 the 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.

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