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Forex: EUR/GBP retracing losses after UK housing

As the market approached the release of UK housing prices, the EUR/GBP weakened from 0.8670 area to as low as 0.8638 by the time of the publication. UK Halifax House Prices dropped -0.2% in January, as expected. 3M/YoY data rose from -0.3% to 1.3%, not as high as the 1.5% expected.

From 0.8638, the cross is bouncing and retracing its losses, now back to 0.8660, still -0.18% lower on the day. Earlier, the UK BRC Shop Price Index rose 0.6% in January (MoM), at a lower pace than December's 1.5% rise.

“The Elliott wave count on the daily is suggesting a pullback to the 0.8425/00 region (50% retracement of the move seen this year), wrote Commerzbank analyst Karen Jones, wary of a correction lower The daily RSI has diverged and we are wary of a correction lower, but unable to rule out a move to 0.8800/30 (78.6% retracement of the move down from 2011 and the October 2011 high) prior to this being seen.

Forex: EUR/USD dips to session lows around 1.3520

The shared currency is intensifying its intraday decline on Wednesday, hovering over the proximities of 1.3520/25 as bearish sentiment swells...
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Forex: NZD/USD recovers slightly after brush with support

Just when it seemed the NZD/USD had regained some stability during overnight trading, the pair once again turned negative, falling 20 pips in recent moments to hit a session low of 0.8411 during European trading. After falling below this supportive mark however, the cross rebounded slightly to the 0.8421/28 region to operate presently down -0.31% Wednesday.
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