OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/USD unchanged around 1.3000

FXstreet.com (Barcelona) - EUR/USD is last barely below the 1.30 handle, more or less unchanged from previous weekly close Friday, off recent session lows at 1.2970, printed during the interbank pre-market. Mentioned low is 50% Fibo retrace of latest intraday up leg from Friday's lows pre-NFP at 1.29 round to Friday's fresh 9-day highs at 1.3040.

Friday's post-NFP highs were still slightly below March 25 highs at 1.3051 when Cyprus bailout deal was agreed, then followed by unfortunate comments from EU's chairman that were understood as if Cyprus case was going to be a “layout” for future EZ banking crisis. Not much of a reaction from news coming this weekend out of Portugal, while Yen keeps making new multi-year lows, also against EUR, with EUR/JPY cross above 128, highest in 3 years.

Immediate resistance to the upside for EUR/USD shows at recent session highs 1.3009, followed by Friday's highs at 1.3040, and March 25 highs at 1.3050. To the downside, nearest term support lies at recent session lows 1.2970, followed by March 08 lows/Thursday's highs/61.8% Fibo retrace of same mentioned intraday up leg at 1.2950, and Friday's lows/March 26 highs at 1.2890/8.

Portugal to slash spending after court ruling setback

Following the decision taken by the Portuguese constitutional court last Friday, in which certain austerity measures from the 2013 budget were rejected, Portugal's Prim Minister Pedro Passos Coelho said on Sunday the government will implement further cuts to compensate the unexpected setback, and thus meet targets set by the Troika.
Read more Previous

Forex: USD/JPY buying hysteria persists; 98.50 hit in early Asia

The Kuroda-led Yen decline continues to pick up further bear momentum through twilight Asian markets, with still little indications in the horizon suggesting that the selling hysteria is over. However, it is starting to become obvious that buying at such hefty level without a meaningful pullback is getting riskier.
Read more Next
Start livechat