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26 Feb 2013
Forex: EUR/USD hovering over 1.3070/80
The single currency left behind the levels above 1.3100 and dipped to the mid 1.30s after Chief B.Bernanke defended the ongoing QE programme, signalling that its benefits outweighed its costs by large. He also remarked that further stimulus could undermine the Fed’s exit ability.
The euro found extra selling interest after US Consumer Confidence rebounded to 69.6 in February, exceeding both estimates and prior print. Further US data showed improvements in the housing sector and the Richmond Fed manufacturing index as well.
The cross is now up 0.17% at 1.3086 and a breakout of 1.3123 (MA100d) would expose 1.3319 (high Feb.25) and then 1.3389 (MA21d).
On the downside, support levels align at 1.3018 (low Jan.7) ahead of 1.2998 (low Jan.4) and finally 1.2996 (low Dec.12).
The euro found extra selling interest after US Consumer Confidence rebounded to 69.6 in February, exceeding both estimates and prior print. Further US data showed improvements in the housing sector and the Richmond Fed manufacturing index as well.
The cross is now up 0.17% at 1.3086 and a breakout of 1.3123 (MA100d) would expose 1.3319 (high Feb.25) and then 1.3389 (MA21d).
On the downside, support levels align at 1.3018 (low Jan.7) ahead of 1.2998 (low Jan.4) and finally 1.2996 (low Dec.12).