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10 Apr 2013
Forex: EUR/USD rejected from 1.3120
FXstreet.com (Barcelona) - The single currency is trading back around the key mark at 1.3100 on Wednesday, after comments by Luxemburg PM, J.C.Juncker, saying that the euro area would remain stuck into recession have undermined the ongoing upside.
“Recent spread tightening on the European bond market justifies EUR/USD at current levels and with trading accounts most likely still fairly short, potential remains for a further correction higher”, added S.Holbek, Senior Analyst at Danske Bank.
As of writing, the cross is up 0.13% at 1.3100 with the next hurdle at 1.3135 (high Mar.8) ahead of 1.3163 (high Feb.28) and then 1.3229 (50% of Feb-Apr slide).
On the downside, a dip beyond 1.3006 (low Apr.9) would then target 1.2963 (low Apr.8) en route to 1.2928 (MA10d).
“Recent spread tightening on the European bond market justifies EUR/USD at current levels and with trading accounts most likely still fairly short, potential remains for a further correction higher”, added S.Holbek, Senior Analyst at Danske Bank.
As of writing, the cross is up 0.13% at 1.3100 with the next hurdle at 1.3135 (high Mar.8) ahead of 1.3163 (high Feb.28) and then 1.3229 (50% of Feb-Apr slide).
On the downside, a dip beyond 1.3006 (low Apr.9) would then target 1.2963 (low Apr.8) en route to 1.2928 (MA10d).