Forex: EUR/USD back to the 1.2900 comfort zone

By FXstreet.com | October 03, 2012 AAA

FXstreet.com (Córdoba) - Despite broad USD strength, EURUSD has held pretty well in its recent range around 1.2900 on Wednesday, as investors refrain from taking big positions ahead of tomorrow's ECB decision and US NFP report, due on Friday.



EURUSD bounced from a low of 1.2875 toward a high of 1.2935 during the European session, but failed to sustain gains and pulled back to the 1.2900 comfort zone. At time of writing, EURUSD is trading at the 1.2910 zone, having recently spiked on the back of the ISM services PMI.



From a technical view, "Immediate support at 1.2875 higher base, also bull trendline, holds for now, while today's lower top at 1.2938, equivalent to 01 Oct high, offers initial barrier and lower ceiling of the range, with break of either side to define near-term direction", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Strong supports and breakpoints lie at 1.2820/00, while key barriers are 1.2975 and 1.3000".



comments powered by Disqus
Related Forex Analysis
  1. USD/CHF has an affair with 0.9350
    Forex News

    USD/CHF has an affair with 0.9350

  2. Elroy sees EUR/USD trading below 1.20 - FXStreet
    Forex News

    Elroy sees EUR/USD trading below 1.20 - FXStreet

  3. EUR/GBP slowly drifting at 0.7950
    Forex News

    EUR/GBP slowly drifting at 0.7950

  4. USD/JPY: two steps forward, one step back
    Forex News

    USD/JPY: two steps forward, one step back

  5. USD/JPY bullish above 104.68 – Commerzbank
    Forex News

    USD/JPY bullish above 104.68 – Commerzbank

Trading Center