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Friday, June 4, 2010

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Forex: EUR/USD pulls back to 1.2265 on disappointing retail sales
Euro recovery from 4-year low at 1.2110 on Tuesday has peaked at 1.2325 high on Early European session, and the pair has rolled back to 1.2265, weighed by an unexpected decline on Eurozone retail sales.

At the moment, the pair trades at levels right below 1.2300, with next support levels at 1.2250/55 (intra-day support/resistance), and below here, 1.2225 (session low) and 1.2175 (Jun 2 low). On the upside, immediate resistance lies at 1.2325 (session high), and above here, 1.2355 (Jun 1 high) and 1.2385/95 (intra-day level).

Retail sales have declined 1.2% in the Eurozone countries in April, and dropped 1.5% in the previous 12 months to April, according to date by Eurostat, against market expectations of a 0.1% increase on the month and a 0.1% year on year decline.

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