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4 Mar 2013
Forex: EUR/USD keeps the red around 1.3000
After another unsuccessful attempt to follow through the 1.3020 level - which acted as a pretty decent resistance during the European morning - the shared currency is retracing back to the comfort zone around the psychological limestone at 1.3000
Against the backdrop of the ECB monetary policy meeting in the upcoming sessions, Dean Popplewell – analyst at OANDA – commented, “The ECB is expected to remain on hold, however there is a rising risk of a refi-rate cut being priced in. But there are as many who continue to think that a -25bp cut would be much more likely in Q2 than in March”.
As of writing, the cross is down 0.01% at 1.3010 with the next support at 1.2967 (low Mar.1) ahead of 1.2929 (low Dec.11) and finally 1.2910 (76.4% of Nov.-Feb. rise).
On the flip side, a breakout of 1.3101 (high Mar.1) would open the door to 1.3163 (high Feb.28) and finally the psychological level at 1.3200
Against the backdrop of the ECB monetary policy meeting in the upcoming sessions, Dean Popplewell – analyst at OANDA – commented, “The ECB is expected to remain on hold, however there is a rising risk of a refi-rate cut being priced in. But there are as many who continue to think that a -25bp cut would be much more likely in Q2 than in March”.
As of writing, the cross is down 0.01% at 1.3010 with the next support at 1.2967 (low Mar.1) ahead of 1.2929 (low Dec.11) and finally 1.2910 (76.4% of Nov.-Feb. rise).
On the flip side, a breakout of 1.3101 (high Mar.1) would open the door to 1.3163 (high Feb.28) and finally the psychological level at 1.3200