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May 31, 2013
EURU/USD attempts a bounce to 1.3000
FXstreet.com (Barcelona) - The bloc currency is prolonging its recovery on Friday after hitting fresh intraday lows around 1.2965/70, attempting to retake the key 1.3000 handle.
The bearishness surrounding the euro intensified after comments by ECB’s Visco, hinting at the likeliness that more stimulus would be in the pipeline. In light of the next ECB gathering next week, Analyst F.Oland at Danske Bank commented, “Our call is that the ECB will not change rates and certainly not cut the deposit rate into negative territory. It should help keep EUR/USD well supported”.
The pair is now losing 0.37% at 1.3001 and a violation of 1.2965 (MA21d) would target 1.2934 (low May 30) en route to 1.2931 (MA10d). On the other hand, resistance levels line up at 1.3062 (high May 30) ahead of 1.3072 (61.8% of 1.3243-1.2796) and then 1.3114 (MA100d).
The bearishness surrounding the euro intensified after comments by ECB’s Visco, hinting at the likeliness that more stimulus would be in the pipeline. In light of the next ECB gathering next week, Analyst F.Oland at Danske Bank commented, “Our call is that the ECB will not change rates and certainly not cut the deposit rate into negative territory. It should help keep EUR/USD well supported”.
The pair is now losing 0.37% at 1.3001 and a violation of 1.2965 (MA21d) would target 1.2934 (low May 30) en route to 1.2931 (MA10d). On the other hand, resistance levels line up at 1.3062 (high May 30) ahead of 1.3072 (61.8% of 1.3243-1.2796) and then 1.3114 (MA100d).