Forex: EUR/USD dives to 1.3173 low
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EUR/USD
FXstreet.com (Barcelona) - The market has been trading very light and still during European time, but a 20-pip fall was seen in mid morning from just below the 1.3200 mark to the current daily low, 1.3173. The EURUSD is back to its narrow moves in the last day of 2012.
The US fiscal cliff remains the big issue and the Senate will hold a meeting at 16:00 GMT today. In case of a settlement, a vote may take place but chances of rejection by the House of Representatives (Republican majority) are quite high, which would mean that a raft of US tax hikes and spending cuts would take effect automatically at midnight.
"Resistance at 1.3300 continues to suppress any bullish momentum as the EURUSD pair consolidates", wrote Fxstreet.com independent analyst Richard Lee, pointing to initial support at 1.3165, followed by 1.3119.
The US fiscal cliff remains the big issue and the Senate will hold a meeting at 16:00 GMT today. In case of a settlement, a vote may take place but chances of rejection by the House of Representatives (Republican majority) are quite high, which would mean that a raft of US tax hikes and spending cuts would take effect automatically at midnight.
"Resistance at 1.3300 continues to suppress any bullish momentum as the EURUSD pair consolidates", wrote Fxstreet.com independent analyst Richard Lee, pointing to initial support at 1.3165, followed by 1.3119.
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