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EUR/USD stronger on German data

EUR/USD is trading in the positive territory around $1.3750 ahead of the ECB policy announcement (12:45 GMT) and the Draghi’s press conference (13:30 GMT).

Euro found support on better-than-expected German factory orders data (1.2% vs. prior -0.2%).  “German near-term prospects look very rosy and industrial production should gain further momentum. To maintain this momentum into the longer term, however, the economy needs more domestic demand”, ING analysts say.

Buy orders for EUR/USD are concentrated around $1.3700/3680. Slide below this area would open the way to $1.3640 and $1.3560. Sell order are clustered at $1.3755/75, $1.3790/3800 and $1.3825. 

Read analysts' forecasts on ECB:

BNP Paribas and Credit Suisse

Goldman Sachs

Chart. H4 EUR/USD

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