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11 Feb 2013
Forex: EUR/USD back to 1.3400
The low volume market is pushing higher after the quick test of Friday's low area on the European opening. With a low printed at 1.3358, the EUR/USD first rose back to 1.3380/90 resistance and now has regressed to the 1.3400 mark, up by +0.23% on the day.
Investors will be watching if the market makes clean break above the psychological level, which would possibly allow an extended rise today.
“We target the 1.3270/56 zone near term, which we suspect will hold the initial test. This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3228 3 month support line”, wrote analyst Karen Jones.
UBS analysts are neutral: “The pair is under consolidation. The strong support is at 1.3270”, wrote analyst Geoffrey Yu, pointing to resistance at 1.3472 ahead of 1.3564.
Investors will be watching if the market makes clean break above the psychological level, which would possibly allow an extended rise today.
“We target the 1.3270/56 zone near term, which we suspect will hold the initial test. This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3228 3 month support line”, wrote analyst Karen Jones.
UBS analysts are neutral: “The pair is under consolidation. The strong support is at 1.3270”, wrote analyst Geoffrey Yu, pointing to resistance at 1.3472 ahead of 1.3564.