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by ForexNewsNow Team on August 24th, 2010

EUR USD analysis: Euro rises as FX traders await Ifo data

EUR USD analysis - a pile of eurosNEW YORK (Forex News Now) – The euro rose against the dollar on Wednesday, snapping a 5-day decline, as FX traders awaited a key report on business sentiment in Germany.

In early European currency market trading, EUR/USD struck 1.2663, up 0.29 percent on the day, after rising from Tuesday’s 1-month low of 1.2588.

The Ifo research institute was later due to publish a key monthly report on German business climate, which was expected to show that sentiment dipped slightly in the euro zone’s largest economy in August.

According to EUR USD analysis, EUR/USD was likely to touch immediate support around the low of July 13, 1.2523, and encounter resistance around the high of Aug. 18, 1.2922.

The euro’s losses on Tuesday came amid growing fears over the global economic recovery, and after Standard & Poor’s downgraded Ireland’s credit rating to AA- , warning that the outlook was still negative.

Elsewhere, the euro rose versus sterling: EUR/GBP traded at 0.821, up 0.09 percent, according to intraday analysis.

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