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21 May 2013
EUR/USD bouncing off lows, around 1.2865/70
FXstreet.com (Barcelona) - After bottoming in the boundaries of 1.2850, the single currency is now picking up pace and regaining the area around 1.2865/70 albeit trading in the red territory.
In the data front, yields in the Spanish auctions of 3m and 9m Letras have ticked higher, adding to the downside. “While EUR/USD should eventually move lower from here, we think it is still too early for broad-based USD strength”, commented Senior Analyst A.Lumholtz at Danske Bank.
At the moment, the cross is losing 0.09% at 1.2870 facing the next support at 1.2862 (hourly low May 21) ahead of 1.2809 (low May 20) and then 1.2796 (low May 17).
On the upside, a breakout of 1.2930 (high May 16) would aim for 1.2943 (high May 15) and finally 1.2947 (MA10d).
In the data front, yields in the Spanish auctions of 3m and 9m Letras have ticked higher, adding to the downside. “While EUR/USD should eventually move lower from here, we think it is still too early for broad-based USD strength”, commented Senior Analyst A.Lumholtz at Danske Bank.
At the moment, the cross is losing 0.09% at 1.2870 facing the next support at 1.2862 (hourly low May 21) ahead of 1.2809 (low May 20) and then 1.2796 (low May 17).
On the upside, a breakout of 1.2930 (high May 16) would aim for 1.2943 (high May 15) and finally 1.2947 (MA10d).