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11 Mar 2013
Forex: EUR/USD stuck around 1.3000
Nothing seems to break the existing dullness surrounding the single currency so far, which remains trapped in a very narrow range around the key mark at 1.3000
In the wake of the last CFCT COT report, S.Galy, Analyst at Societe Generale, argues “It suggests that the market is continuing to bet that whether in a risk off environment or a risk on environment the USD has more chances to rise vs. mature economies such as those of the UK, EU or Japan… The divergence between a steady recovery in the US and an uneven one in Europe continues, helping to comfort EURUSD shorts”.
At the moment, the cross is up 0.03% at 1.2999 with the next resistance at 1.3044 (MA10d) followed by 1.3126 (MA100d) en route to 1.3135 (high Mar.8).
On the downside, a dip beyond 1.2956 (Mar.8) would clear the way to 1.2929 (low Dec.11) and then 1.2881 (low Dec.10).
In the wake of the last CFCT COT report, S.Galy, Analyst at Societe Generale, argues “It suggests that the market is continuing to bet that whether in a risk off environment or a risk on environment the USD has more chances to rise vs. mature economies such as those of the UK, EU or Japan… The divergence between a steady recovery in the US and an uneven one in Europe continues, helping to comfort EURUSD shorts”.
At the moment, the cross is up 0.03% at 1.2999 with the next resistance at 1.3044 (MA10d) followed by 1.3126 (MA100d) en route to 1.3135 (high Mar.8).
On the downside, a dip beyond 1.2956 (Mar.8) would clear the way to 1.2929 (low Dec.11) and then 1.2881 (low Dec.10).