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5 Apr 2013
Forex: EUR/USD glued at 1.2925/30
FXstreet.com (Barcelona) - The bloc currency keeps the upper end of the post-ECB rally on Friday, hovering over 1.2925/30 ahead of the Non-farm Payrolls, Unemployment Rate and Trade Balance figures in the US economy due later.
“The euro's rally after touching new lows for the year yesterday seemed to be largely a product of plays against the yen rather than something particularly inspiring from ECB President Draghi. The revelation of an extensive rates discussion, the more dour economic assessment, and the pledge to watch developments closely combine to raise the odds of a repo rate cut as early as next month”, assessed analysts at Brown Brothers Harriman.
As of writing, the cross is down 0.04% at 1.2930 and a violation of 1.2893 (MA200d0 would then target 1.2849 (MA10d) en route to 1.2747 (low Apr.4).
On the upside, resistance levels line up at 1.2949 (high Apr.4) followed by 1.3050 (high Mar.25) and finally 1.3107 (high Mar.15).
“The euro's rally after touching new lows for the year yesterday seemed to be largely a product of plays against the yen rather than something particularly inspiring from ECB President Draghi. The revelation of an extensive rates discussion, the more dour economic assessment, and the pledge to watch developments closely combine to raise the odds of a repo rate cut as early as next month”, assessed analysts at Brown Brothers Harriman.
As of writing, the cross is down 0.04% at 1.2930 and a violation of 1.2893 (MA200d0 would then target 1.2849 (MA10d) en route to 1.2747 (low Apr.4).
On the upside, resistance levels line up at 1.2949 (high Apr.4) followed by 1.3050 (high Mar.25) and finally 1.3107 (high Mar.15).