Back
3 Apr 2013
Forex: EUR/USD hovering over 1.2845/50
FXstreet.com (Barcelona) - The bloc currency keeps the buoyancy around 1.2845/50 at the end of the trading session on Wednesday, bolstered by the dominating risk-on tone after tepid data from the US economy. The lack of relevant news from Cyprus and Italy – usually euro negative – has also added to the upbeat sentiment.
Big day for the euro on Thursday, as the ECB will hold its monetary policy meeting. The broader consensus expects the central bank to leave the lending benchmark unchanged at 0.75%. Fireworks, however, would surely follow the press conference by President Draghi, as Cyprus and the weak euro zone fundamentals will be in the limelight. Further results in the bloc will see services PMI prints and a key Spanish bond auction.
At the moment, the cross is up 0.22% at 1.2848 with the next hurdle at 1.2878 (high Apr.2) followed by 1.2890 (MA200d) and then 1.2924 (MA21d).
On the downside, a break below 1.2751 (low Mar.27) would open the door to 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).
Big day for the euro on Thursday, as the ECB will hold its monetary policy meeting. The broader consensus expects the central bank to leave the lending benchmark unchanged at 0.75%. Fireworks, however, would surely follow the press conference by President Draghi, as Cyprus and the weak euro zone fundamentals will be in the limelight. Further results in the bloc will see services PMI prints and a key Spanish bond auction.
At the moment, the cross is up 0.22% at 1.2848 with the next hurdle at 1.2878 (high Apr.2) followed by 1.2890 (MA200d) and then 1.2924 (MA21d).
On the downside, a break below 1.2751 (low Mar.27) would open the door to 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).