Forex: EUR/USD consolidates higher position
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - Having moved to 1.3189 high, two pips above the recently printed new 7-month high, the EURUSD looks to extend its H2 2012 upside further but the market seems to be trying to consolidate its European rally ahead of the New York opening.
Meanwhile in Italy, the centre-right party called for tax cuts, growth measures, privatizations and asset sales, and an end to austerity.
"The underlying trend is negative (see the succession of lower highs since May 2011 peak). Therefore we expect limited upside potential given the strong resistance at 1.3172 (17/09/2012 high) and the general overbought conditions", wrote MIG Bank analyst Bijoy Kar, pointing to an hourly support area is given by 1.3144 (17/12/2012 low) and 1.3041 (13/12/2012 low).
Meanwhile in Italy, the centre-right party called for tax cuts, growth measures, privatizations and asset sales, and an end to austerity.
"The underlying trend is negative (see the succession of lower highs since May 2011 peak). Therefore we expect limited upside potential given the strong resistance at 1.3172 (17/09/2012 high) and the general overbought conditions", wrote MIG Bank analyst Bijoy Kar, pointing to an hourly support area is given by 1.3144 (17/12/2012 low) and 1.3041 (13/12/2012 low).
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