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8 Apr 2013
Forex: EUR/USD keeps correcting lower
FXstreet.com (Barcelona) - After climbing to levels just shy of 1.3040, the shared currency started a correction lower to the current levels around 1.3015, accompanied by an increasing risk aversion.
“In respect of EUR/USD the key driver the next couple of weeks will be relative monetary policy. Hence, the timing of Fed’s QE exit and whether the ECB will cut rates or not will be pivotal for the cross”, suggested Senior Analyst at Danske Bank, S.Roed-Frederiksen.
The cross is now up 0.19% at 1.3015 facing the next hurdle at 1.3040 (high Apr.5) followed by 1.3050 (high Mar.25) and then 1.3107 (high Mar.15).
On the downside, a breach of 1.2918 (MA21d) would bring 1.2896 (MA200d) and finally 1.2868 (MA10d).
“In respect of EUR/USD the key driver the next couple of weeks will be relative monetary policy. Hence, the timing of Fed’s QE exit and whether the ECB will cut rates or not will be pivotal for the cross”, suggested Senior Analyst at Danske Bank, S.Roed-Frederiksen.
The cross is now up 0.19% at 1.3015 facing the next hurdle at 1.3040 (high Apr.5) followed by 1.3050 (high Mar.25) and then 1.3107 (high Mar.15).
On the downside, a breach of 1.2918 (MA21d) would bring 1.2896 (MA200d) and finally 1.2868 (MA10d).