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7 Mar 2013
Forex: EUR/USD advances towards 1.3000
After dipping to the area of 1.2965 at the end of Wednesday trading, the single currency has managed to pick up pace and head back to the proximities of the key mark of 1.3000 on Thursday, ahead of a key 10-year bond auction in the Spanish debt markets.
The euro would remain under pressure as the ECB would hold its monetary policy meeting. Focus is on Draghi’s press conference as market consensus expects the central bank to leave the repo rate unchanged at 0.75%.
At the moment, the cross is up 0.21% at 1.2994 with the next resistance at 1.3075 (high Mar.5) ahead of 1.3080 (MA10d) and then 1.3101 (high Mar.1).
On the downside, a break below 1.2966 (2013 low Mar.1) would aim for 1.2929 (low Dec.11).
The euro would remain under pressure as the ECB would hold its monetary policy meeting. Focus is on Draghi’s press conference as market consensus expects the central bank to leave the repo rate unchanged at 0.75%.
At the moment, the cross is up 0.21% at 1.2994 with the next resistance at 1.3075 (high Mar.5) ahead of 1.3080 (MA10d) and then 1.3101 (high Mar.1).
On the downside, a break below 1.2966 (2013 low Mar.1) would aim for 1.2929 (low Dec.11).