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Forex: EUR/USD trades below Friday’s close of 1.2991

FXstreet.com (Barcelona) - After erasing early gains up to 1.3048, the new upside attempt during the European session peaked at 1.3019 and then the EUR/USD retraced back to Friday’s close at 1.2991 and is even trading below it. Data in the economic calendar has been delivered and the Eurogroup is still working on the details of the agreement with Cyprus.

“Uninsured deposits in the Bank of Cyprus will be immediately frozen until the authorities have determined the amount needed to be ’bailed in’ (specifically, via a deposit/equity swap) for the Bank’s recapitalization needs, as the €10b ‘program money’ will not be used for that purpose”, wrote TD Securities analyst analyst Alvin Pontoh,

The Italian Trade Balance non-EU moved from €-2.282B deficit to €0.704M surplus in February. The Italian consumer confidence report shows a decline from 86 to 85.2 in March, above the 85.0 consensus. Earlier, the Spanish PPI eased from 2.6% to 2.1% in February.

“We think today the price may continue moving downwards to reach a new minimum at the level of 1.2820 and then start growing up towards the target at 1.3190”, wrote Roboforex.com analyst Igor Sayadov, also seeing potential for an alternative scenario in which “the pair may continue moving upwards and form head & shoulders pattern with the target at 1.3130. Later, in our opinion, the price may start a rapid descending movement and reach a new minimum”.

Details of Cyprus bailout plan still being mapped out

European stocks opened higher on Monday as investor confidence was boosted by the last-minute bailout deal for Cyprus, hammered out overnight by EU officials. The agreement anticipates restructuring the country’s largest lender, the Bank of Cyprus, shutting the second largest bank Laiki, and taxing deposits exceeding 100,000 euros in exchange for the 10 billion euro aid.
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Forex: USD/CHF surrounds 0.9400 ahead of important week in Italy

Pressured during the Asian session, particularly with a spike down to 0.9354 in early Asian session, the USD/CHF regained the level of Friday’s close at 0.9404 eventually and moved as high as 0.9414. The market remains hesitant and surrounds the 0.9400 psychological level.
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