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by ForexNewsNow Team on September 20, 2010

EUR USD analysis: Euro advances as U.S. housing data eyed

EUR USD analysis - U.S. housing data dueNEW YORK (Forex News Now) – The euro rebounded against the U.S. dollar on Monday, approaching a 5-week high, as FX traders awaited a report on the U.S. housing market.

In European morning currency market trading, EUR/USD was up 0.34 percent on the day at 1.3094, close to Friday’s 5-week high of 1.3159.

Later in the day, the latest National Association of Home Builders/Wells Fargo confidence index was due to be published in the U.S. According to two currency market trading news outlets, the index was expected to rise to 14 in September, up from 13 in August.

According to EUR USD analysis, EUR/USD was likely to touch support around Wednesday’s low, 1.2955, and encounter resistance around the high of Aug. 6, 1.3334.

The euro’s gains also came after official data showed that Italy swung unexpectedly to a trade surplus in July.

Elsewhere, the euro advanced versus the yen: EUR/JPY traded at 112.12, up 0.07 percent, according to intraday analysis.

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