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11 Mar 2013
Forex: EUR/USD testing intraday highs, around 1.3020
Buying interest is driving the cross higher on Monday, currently testing session highs in the vicinity of 1.3020 as risk-on tone is prevailing among investors.
“The reaction in EUR and USD to the strong US payrolls on Friday underlines that we are back in a textbook step-up: an improvement in the US labour market fuels expectations that the Fed will start to look at its exit, although we do not expect the substantial improvement required for this to materialise until early 2014”, commented A. von Mehren, Chief Analyst at Danske Bank.
As of writing, the pair is advancing 0.17% at 1.3018
Next resistance levels align at 1.3044 (MA10d) followed by 1.3126 (MA100d) en route to 1.3135 (high Mar.8).
On the downside, a dip beyond 1.2956 (Mar.8) would clear the way to 1.2929 (low Dec.11) and then 1.2881 (low Dec.1
“The reaction in EUR and USD to the strong US payrolls on Friday underlines that we are back in a textbook step-up: an improvement in the US labour market fuels expectations that the Fed will start to look at its exit, although we do not expect the substantial improvement required for this to materialise until early 2014”, commented A. von Mehren, Chief Analyst at Danske Bank.
As of writing, the pair is advancing 0.17% at 1.3018
Next resistance levels align at 1.3044 (MA10d) followed by 1.3126 (MA100d) en route to 1.3135 (high Mar.8).
On the downside, a dip beyond 1.2956 (Mar.8) would clear the way to 1.2929 (low Dec.11) and then 1.2881 (low Dec.1