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Forex: EUR/USD around 1.3035/40 on Cyprus

FXstreet.com (Barcelona) - The single currency is back above the key mark of 1.3000 on Monday, after the ‘Troika’ and the Government clinched a last-minute deal on Sunday night.
However the initial positive reaction of the euro, climbing to the boundaries of 1.3050, a lot is still to be done in the country and in the global markets to restore investors’ confidence.

Tomorrow will be key, as the banks will re-open after the long bank holiday. Although the negative effects would now be tempered as the ECB will continue to pump liquidity into the Cypriot banking sector due to the agreement.

At the moment the cross is up 0.54% at 1.3032 with the next resistance at 1.3107 (high Mar.15) and then 1.3123 (MA30d).
On the flip side, a breach of 1.2888 (low Mar.22) would open the door to 1.2879 (MA200) and then 1.2857 (low Mar.20).

Forex Flash: EUR/USD still bearish despite the good news - UBS

“The latest strength does not change the bearish picture,” says UBS analyst Gareth Berry, “and there is a strong resistance at 1.3107,” he notes. “Support is at 1.2844 ahead of 1.2662,” Garry adds.
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Asian markets cheer Cyprus bailout deal

An agreement between Cyprus, the EU finance ministers and the Troika reached earlier today is being cheered by investors. Japan’s Nikkei Stock Average (+1.69%), South Korea’s Kospi (+1.49%), Hong Kong’s Hang Seng (+0.59%) and India’s Bombay Sensitive (+0.59%) edged higher on Monday, along with most Asian equity indexes and the exception of Mainland China’s Shanghai Composite (-0.12%).
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