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6 May 2013
Forex: EUR/USD unmolested around 1.3100
FXstreet.com (Barcelona) - The shared currency is navigating into the red territory on Monday, albeit keeping the 1.3100 figure as markets remains unbiased so far.
“The short term driver for EUR/USD at the moment remains relative monetary policy and thus the relative development in macro data… We expect the euro to continue to receive support from the rally in European peripheral bonds and a continued support to risk assets in general. We expect EUR/USD to continue to trade sideways in the low 1.30s and target the cross at 1.33 in three months’ time”, suggested Lars Christensen at the Nordic Danske Bank.
As of writing, the cross is retreating 0.12% at 1.3106 and a dip beyond 1.3033 (low May 3) would then target 1.3015 (low Apr.29) en route to 1.3010 (MA30d).
On the flip side, resistance levels line up at 1.3160 (high May 3) followed by 1.3220 (high May 2) and finally 1.3243 (high May 1).
“The short term driver for EUR/USD at the moment remains relative monetary policy and thus the relative development in macro data… We expect the euro to continue to receive support from the rally in European peripheral bonds and a continued support to risk assets in general. We expect EUR/USD to continue to trade sideways in the low 1.30s and target the cross at 1.33 in three months’ time”, suggested Lars Christensen at the Nordic Danske Bank.
As of writing, the cross is retreating 0.12% at 1.3106 and a dip beyond 1.3033 (low May 3) would then target 1.3015 (low Apr.29) en route to 1.3010 (MA30d).
On the flip side, resistance levels line up at 1.3160 (high May 3) followed by 1.3220 (high May 2) and finally 1.3243 (high May 1).