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7 Mar 2013
Forex: EUR/USD muted on ECB inaction
The single currency remained indifferent after the ECB failed to deliver any surprises in today’s statement, leaving the lending benchmark intact at 0.75%, matching the broader consensus.
Market participants would now focus their attention on the upcoming press conference by President Mario Draghi.
As of writing, the cross is advancing 0.40% at 1.3019 with the next resistance at 1.3075 (high Mar.5) ahead of 1.3101 (high Mar.1) and then 1.3143 (Tenkan Sen line).
On the downside, a break below 1.2970 (low Mr.7) would bring 1.2966 (2013 low Mar.1) en route to 1.2929 (low Dec.11).
Market participants would now focus their attention on the upcoming press conference by President Mario Draghi.
As of writing, the cross is advancing 0.40% at 1.3019 with the next resistance at 1.3075 (high Mar.5) ahead of 1.3101 (high Mar.1) and then 1.3143 (Tenkan Sen line).
On the downside, a break below 1.2970 (low Mr.7) would bring 1.2966 (2013 low Mar.1) en route to 1.2929 (low Dec.11).