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26 Mar 2013
Forex: EUR/USD eases to 1.2840/45
FXstreet.com (Barcelona) - The bloc currency is now giving away initial gains in the area of 1.2840, printing fresh session lows at the same time, after the French Consumer Confidence slipped to 84 for the month of March, missing estimates at 85
“The government’s decision to impose capital controls in an attempt to stem capital flight from Cyprus when the banks re-open on Thursday is also undermining investor confidence in the euro, although they are planned to be “very temporary” and “will gradually be relaxed”, comments Lee Hardman, Currency Analyst at BTMU.
As of writing, the cross is flat at 1.2849 facing the next resistance at 1.2950 (MA10d) followed by 1.3050 (high Mar.25) and then 1.3107 (high Mar.15).
On the other hand, a breakdown of 1.2832 (low Mar.25) would aim for 1.2730 (low Nov.19) and finally 1.2700 (161.8% of Feb1 2011).
“The government’s decision to impose capital controls in an attempt to stem capital flight from Cyprus when the banks re-open on Thursday is also undermining investor confidence in the euro, although they are planned to be “very temporary” and “will gradually be relaxed”, comments Lee Hardman, Currency Analyst at BTMU.
As of writing, the cross is flat at 1.2849 facing the next resistance at 1.2950 (MA10d) followed by 1.3050 (high Mar.25) and then 1.3107 (high Mar.15).
On the other hand, a breakdown of 1.2832 (low Mar.25) would aim for 1.2730 (low Nov.19) and finally 1.2700 (161.8% of Feb1 2011).