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22 Apr 2013
Forex: EUR/USD retracing from highs
FXstreet.com (Barcelona) - After climbing to the vicinity of 1.3085 overnight, the euro started a correction lower and trading back to the area of 1.3060/65 on Monday.
Uncertainty over Italy continues to linger after the re-election of G.Napolitano as President of the Republic and P.L.Bersani’s resignation as leader of the centre-left.
“President Napolitano has reportedly tied his Presidency to certain conditions, which are not yet public but could be announced today in his address to parliament… Napolitano’s desire is for a broad coalition government that adopts much-needed electoral reforms, which would be market positive”, commented Annette Beacher, FX Analyst at TD Securities.
At the moment, the cross is losing 0.06% at 1.3068 with the next support at 1.3048 (low Apr.19) followed by 1.3001 (low Apr.17) and then 1.2967 (MA2d).
On the flip side, a breakout of 1.3202 (high Apr.16) would expose 1.3229 (50% of Feb.-Apr. slide) and finally 1.3319 (high Feb.25).
Uncertainty over Italy continues to linger after the re-election of G.Napolitano as President of the Republic and P.L.Bersani’s resignation as leader of the centre-left.
“President Napolitano has reportedly tied his Presidency to certain conditions, which are not yet public but could be announced today in his address to parliament… Napolitano’s desire is for a broad coalition government that adopts much-needed electoral reforms, which would be market positive”, commented Annette Beacher, FX Analyst at TD Securities.
At the moment, the cross is losing 0.06% at 1.3068 with the next support at 1.3048 (low Apr.19) followed by 1.3001 (low Apr.17) and then 1.2967 (MA2d).
On the flip side, a breakout of 1.3202 (high Apr.16) would expose 1.3229 (50% of Feb.-Apr. slide) and finally 1.3319 (high Feb.25).