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18 Mar 2013
Forex: EUR/USD in fresh highs, eyes on 1.2950
FXstreet.com (Barcelona) - The shared currency left the area sub 1.2900 and is partially retracing the big drop after the bailout in Cyprus has re-ignited jitters regarding the euro zone.
“In regard to the euro from here, we certainly are not surprised with the initial sell-off of the euro and there may well be more in the coming day or two (obviously the parliament vote is important here) but beyond then, we suspect that the euro may recover as market participants view this more as an isolated development rather than the trigger for a sustained period of turmoil and contagion”, argued Derek Halpenny, Strategist at BTMU.
As of writing, the cross is down 1.01% at 1.2944 with the next support at 1.2881 (low Dec.10) ahead of 1.2878 (low Dec.7) and finally 1.2848 (Lower Bollinger).
On the flip side, a surpass of 1.2965 (hourly high Mar.18) would open the door to 1.3013 (MA10d) en route to 1.3090 (MA21d).
“In regard to the euro from here, we certainly are not surprised with the initial sell-off of the euro and there may well be more in the coming day or two (obviously the parliament vote is important here) but beyond then, we suspect that the euro may recover as market participants view this more as an isolated development rather than the trigger for a sustained period of turmoil and contagion”, argued Derek Halpenny, Strategist at BTMU.
As of writing, the cross is down 1.01% at 1.2944 with the next support at 1.2881 (low Dec.10) ahead of 1.2878 (low Dec.7) and finally 1.2848 (Lower Bollinger).
On the flip side, a surpass of 1.2965 (hourly high Mar.18) would open the door to 1.3013 (MA10d) en route to 1.3090 (MA21d).