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11 Jun 2013
EUR/USD keeps the positive around 1.3280/85
FXstreet.com (Barcelona) - After hitting session highs in the boundaries of 1.3320, the EUR/USD has crept back to the current range of 1.3260/80 as risk-on trade is taking a breather.
Higher euro-yields propping up EUR/USD
Against the backdrop of the recent bull run, Strategist kKt Juckes at Societe Generale commented that higher euro yields, particularly the 2-year one, are bolstering the upside in the pair. “Positive economic surprises in Europe are helping but higher rates are neither justified nor sustainable. We expect another rate cut in due course. Euro rates will fall back when US ones stabilise and the Euro likewise is a sell when the rate move finishes and volatility eases (but not before)”.
EUR/USD levels to watch
At the moment, the pair is up 0.19% at 1.3284 with the next resistance at 1.3306 (high Jun.6) followed by 1.3319 (high Feb.25) and finally 1.3341 (61.8% of Feb.-Apr. slide). On a downside, a breach of 1.3177 (low Jun.10) would clear the way to 1.3121 9MA10d) and then 1.3103 (MA100d).
Higher euro-yields propping up EUR/USD
Against the backdrop of the recent bull run, Strategist kKt Juckes at Societe Generale commented that higher euro yields, particularly the 2-year one, are bolstering the upside in the pair. “Positive economic surprises in Europe are helping but higher rates are neither justified nor sustainable. We expect another rate cut in due course. Euro rates will fall back when US ones stabilise and the Euro likewise is a sell when the rate move finishes and volatility eases (but not before)”.
EUR/USD levels to watch
At the moment, the pair is up 0.19% at 1.3284 with the next resistance at 1.3306 (high Jun.6) followed by 1.3319 (high Feb.25) and finally 1.3341 (61.8% of Feb.-Apr. slide). On a downside, a breach of 1.3177 (low Jun.10) would clear the way to 1.3121 9MA10d) and then 1.3103 (MA100d).