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Forex: EUR/USD bounces from 1.2817 low on European opening

FXstreet.com (Barcelona) - Having fallen to fresh 2013 lows, at 1.2817, just ahead of the European opening, the EUR/USD bounced to 1.2840 area as the economic calendar keeps pumping updates in the European region.

Italian industrial orders fell -1.4% in January, with annualized data rebounding from -9.0% (revised from -15.3%) to -3.3%. Industrial sales dropped -1.4% and the yearly figure improved from -6.1% to -3.4%.

The Spanish current account turned from €4.87B surplus to €-2.64B deficit in January. Retail sales rebounded from -10% to -8% (YoY) in February and HICP eased from 2.9% to 2.6% in March (consensus of 2.7%).

Switzerland KOF Leading Indicator fell from 1.04 (revised from 1.03) to 0.99 in March, disappointing consensus of 1.02. French GDP eased from -0.3% in Q4 (QoQ), following a 0.1% rise.

“Near-term studies remain bearish and downside favored, with initial target at 1.2800, 01 Oct 2012 low, break of which to look for important support at 1.2679/60, Fib 61.8% of 1.2042/1.3710 ascend and Nov 2012 low”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to near-term range ceiling at 1.2890, reinforced by 55 day EMA, as initial resistance.

Forex: EUR/USD extends its correction to 1.2840/45

The single currency now accelerates its correction higher after printing fresh 2013 lows below 1.2820 earlier, gathering traction to the current area of 1.2835/40 as markets seem to slowly digest the fact that Cyprus could...
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