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14 Feb 2013
Forex Flash: EUR/USD should hold at 1.3327 intraday – TD Securities
The EUR drag pulled the rest of the European currencies lower in sympathy as "broad weakness in GDP readings across the Eurozone (the lowest figures since 2009) confirmed even deeper recessionary conditions than expected and provoked a sharp selloff in the EUR". TD Securities analysts observe price action denting further the well entrenched bull trend in place since November. "For EUR/USD, the 40-day moving average (at 1.3327)—which has been provided key support in recent months—is currently being tested", wrote analysts Shaun Osborne and Greg Moore, expecting that area to hold intraday, but a break lower would look to support at the bottom of the bull channel near 1.3255/65.