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Forex: EUR/USD in fresh highs, eyes on 1.2950

FXstreet.com (Barcelona) - The shared currency left the area sub 1.2900 and is partially retracing the big drop after the bailout in Cyprus has re-ignited jitters regarding the euro zone.

“In regard to the euro from here, we certainly are not surprised with the initial sell-off of the euro and there may well be more in the coming day or two (obviously the parliament vote is important here) but beyond then, we suspect that the euro may recover as market participants view this more as an isolated development rather than the trigger for a sustained period of turmoil and contagion”, argued Derek Halpenny, Strategist at BTMU.

As of writing, the cross is down 1.01% at 1.2944 with the next support at 1.2881 (low Dec.10) ahead of 1.2878 (low Dec.7) and finally 1.2848 (Lower Bollinger).
On the flip side, a surpass of 1.2965 (hourly high Mar.18) would open the door to 1.3013 (MA10d) en route to 1.3090 (MA21d).

Forex Flash: Asian sentiment dominated by Cyprus news - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the Asian session has been dominated by the shock decision by the EU forcing Cyprus to implement an effective haircut on deposits in Cyprus in order to raise EUR 5.8bn which will be augmented by a EUR 10bn aid package from the euro-zone.
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Forex: EUR/JPY regains 123.00 after falling to 121.60 low

Having fallen quickly from the 124.50 area to as low as 121.60, the Asian session was spent digesting the move, and after re-testing those lows the EUR/JPY has been bouncing as the European session opens, regressing to the 123.00 ground.
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