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EUR/USD stuck around 1.0850, ‘Grimbo’ weighs

FXStreet (Edinburgh) - The shared currency is now looking to consolidate today’s move vs. the greenback, with EUR/USD navigating the 1.0850/55 band.

EUR/USD capped by 1.0900

The area around 1.0900 still remains elusive for EUR-bulls, with spot shedding part of the daily gains following the lack of positive results from the Eurogroup meeting held in Riga today.

Despite auspicious appreciations by Greek finmin Y.Varoufakis following the Eurogroup meeting, the reality is that EU officials have urged Greece to elaborate a more credible list of reforms, stating that ‘time is of the essence’ in light of the next deadline in late June.

EUR/USD levels to watch

At the moment the pair is gaining 0.27% at 1.0853 with the next hurdle at 1.0901 (high Apr.24) ahead of 1.0914 (76.4% of 1.1036-1.0521) and then 1.0955 (high Apr.7). On the downside, a breach of 1.0769 (21-d MA) would open the door to 1.0730 (10-d MA) and finally 1.0666 (low Apr.23).

UK GDP to slow to 0.5% q/q in Q1 – RBS

Ross Walker, Senior UK Economist at RBS, previews the UK Q1 GDP data release, anticipating a 0.5% qoq gain.
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USD Index recovery towards 100/100.40 on the cards – SG

Technical Analysts at Societe Generale, see limited downside for USD Index, and further add that the index might see a recovery towards 100/100.4 levels.
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