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Forex: EUR/USD stuck at 1.3320/45 range

The market is trying to get off its daily lows, area where the EUR/USD has been trading around since the release of the disappointing flash GDP reports in Europe, pointing to wider recession than expected in Q4, and the accomodative stance in the ECB monthly report.

The EUR/USD has been imprisioned at the 1.3320/45 range since the European morning and is now attempting at breaking the upper band of that area. Bloomberg reported a draft of the G20 statement, in which members commit to avoid FX rate misalignment and recognize that policy uncertainty and deleveraging hurt growth.

Mataf.net analysts point to resistances at 1.3350, 1.3410 and 1.3455. On the downside, supports might be found at 1.3310, 1.3275 and 1.3260.

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Forex Flash: EUR has a weak hand in the currency wars; EUR to end year on a firmer note - Rabobank

Following the 1,000 pips strengthening from November lows at 1.2660 to reach 15-month highs at 1.3710 the February 1st, the EUR/USD has been trading lower to price today close to the 1.3300 frontier.
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