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4 Mar 2013
Forex: EUR/USD keeps 1.3000 after Spanish data
The bloc currency remains around the psychological mark at 1.3000 on Monday, after the unemployment in the Spanish economy increased by 59.4K, less that the 77.5K expected.
“No great surprise that the short-term bear trend in EUR/USD extended further this week…
Our hi/lo support at 1.3137 turned into resistance after the heavy sell-off Monday. From here, we can see some signs that the move down is moderating… We can only get bullish at this stage if spot regains 1.36s-plus. Look to sell rallies to the 1.3250 area”, informed the research team at TD Securities.
At the moment, EUR/USD is retreating 0.08% at 1.3003 with the next support at 1.2967 (low Mar.1) ahead of 1.2929 (low Dec.11) and finally 1.2910 (76.4% of Nov.-Feb. rise).
On the flip side, a breakout of 1.3101 (high Mar.1) would open the door to 1.3163 (high Feb.28) and finally the psychological level at 1.3200
“No great surprise that the short-term bear trend in EUR/USD extended further this week…
Our hi/lo support at 1.3137 turned into resistance after the heavy sell-off Monday. From here, we can see some signs that the move down is moderating… We can only get bullish at this stage if spot regains 1.36s-plus. Look to sell rallies to the 1.3250 area”, informed the research team at TD Securities.
At the moment, EUR/USD is retreating 0.08% at 1.3003 with the next support at 1.2967 (low Mar.1) ahead of 1.2929 (low Dec.11) and finally 1.2910 (76.4% of Nov.-Feb. rise).
On the flip side, a breakout of 1.3101 (high Mar.1) would open the door to 1.3163 (high Feb.28) and finally the psychological level at 1.3200