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14 Mar 2013
Forex: EUR/USD upside capped at 1.2980
The upside of the single currency lost impetus in the vicinity of 1.2980 on Thursday so far, recovering ground after dipping to fresh 2013 lows around 1.2910/15
Against the backdrop of the EU gathering, Analyst Derek Halpenny at BTMU commented, “France and Spain of course are arguing for some easing of targets and although we may get some shift agreed, the German budget would suggest that any shift on fiscal targets will be pretty modest at best. The euro below 1.3000 should find supportive bids for now”.
EUR/USD is now up 0.06% at 1.2969 with the next resistance at 1.3075 (high Mar.12) ahead of 1.3124 (MA21d) and then 1.3127 (MA100d).
On the downside, a breach of 1.2881 (low Dec.10) would open the door to 1.2878 (low Dec.7) and then 1.2847 (Lower Bollinger).
Against the backdrop of the EU gathering, Analyst Derek Halpenny at BTMU commented, “France and Spain of course are arguing for some easing of targets and although we may get some shift agreed, the German budget would suggest that any shift on fiscal targets will be pretty modest at best. The euro below 1.3000 should find supportive bids for now”.
EUR/USD is now up 0.06% at 1.2969 with the next resistance at 1.3075 (high Mar.12) ahead of 1.3124 (MA21d) and then 1.3127 (MA100d).
On the downside, a breach of 1.2881 (low Dec.10) would open the door to 1.2878 (low Dec.7) and then 1.2847 (Lower Bollinger).