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Forex: EUR/USD retreats from highs

FXstreet.com (Barcelona) - After visiting the area around 1.3150/55 (100-day moving average), the single currency has now eased some ground to the current 1.3125/30 region.
Curious day for the euro, as it’s started a strong bull run just after the poor data from the German ZEW Survey, usually a potent catalyst for the EUR.

In the opinion of Christopher Vecchio, Currency Analyst at DailyFX, this could be the reason: “The EU parliament voted in favour of implementing Basel III law, which would force banks to adopt higher tier 1 capital ratios (and thus bolster their balance sheets). If banks are stronger, sovereigns are less exposed to the crisis, and in time, the self-fulfilling feedback loops ends”.

At the moment, the cross is up 0.75% at 1.3134 with the next resistance at 1.3152 (MA100d) ahead of 1.3163 (high Feb.28) and finally 1.3229 (50% of Feb. – Apr. slide).
On the downside, a violation of 1.3031 (MA10d) would aim for 1.3006 (low Apr.9) and then 1.2963 (low Apr.8).

Forex: GBP/USD hovering around 1.5300

Even though the British pound managed to move higher versus the greenback on Tuesday, it failed to decisively break above the 1.5330 area and was confined to a range. GBP/USD has spent most of the day between 1.5270/1.5330, unable to define a fresh direction.
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