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17 May 2013
EUR/USD returns to 1.2860/65
FXstreet.com (Barcelona) - After the short-lived attempt to follow through 1.2890, sellers have now kicked down the euro back to the 1.2860.65 area.
In the view of Stephen Gallo, Strategist at BMO, “Ultra-short-term, FX is essentially caught between digesting a near-term weakening of the economy data, particularly on inflation, with a more hawkish slant to some recent Fed speak. That’s a tough trade from a directional perspective”.
EUR/USD is now losing 0.16% at 1.2861 and a breach of 1.2843 (low May 15) would aim for the psychological mark at 1.2800 en route to 1.2740 (2013 low Apr.14).
On the flip side, resistance barriers align at 1.2930 (high May 16) followed by 1.2943 (high May 15) and then 1.3030 (high May 14).
In the view of Stephen Gallo, Strategist at BMO, “Ultra-short-term, FX is essentially caught between digesting a near-term weakening of the economy data, particularly on inflation, with a more hawkish slant to some recent Fed speak. That’s a tough trade from a directional perspective”.
EUR/USD is now losing 0.16% at 1.2861 and a breach of 1.2843 (low May 15) would aim for the psychological mark at 1.2800 en route to 1.2740 (2013 low Apr.14).
On the flip side, resistance barriers align at 1.2930 (high May 16) followed by 1.2943 (high May 15) and then 1.3030 (high May 14).