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Forex: EUR/USD glued to 1.3165/75

The shared currency is holding steady to the area around 1.3165/75, as global markets remain unbiased ahead of the uncertainties stemming from the different scenarios in Italy after Sunday elections.

Nick Beecroft, Senior Market Analyst at Saxo Bank, believes the best outcome for Italy would be a shared government between the centre-left and the party led by Mario Monti. “The worst is a stronger than expected Berlusconi showing, or even a just a world in which his party has the power to slow down reforms and fight back against Berlin… The risks seem somewhat asymmetric to me and suggest a lower EUR next week on the balance of probabilities”, concluded Beecroft.

At the moment, the cross is down 0.15% at 1.3169 with the next support at 1.3122 (MA100d) followed by 1.3039 (low Jan.10) en route to 1.3018 (low Jan.7).
On the flip side, a breakout of 1.3246 (high Feb.22) would expose 1.3289 (MA55d) ahead of 1.3343 (MA10d).

Forex: GBP/USD consolidates around 1.5250

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