Forex: EUR/USD finds resistance just below 1.3100
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EUR/USD
FXstreet.com (Barcelona) - Having made an initial test of the 1.3100 level, EURUSD has declined to seek an element of support just above the daily classic R1 resistance at 1.3092.
The pair has steadily climbed as sentiment from the Greek buyback deal has caused optimism across markets and shrugged off the news that Spain applied for a EUR 40bln banking bailout (alongside the continued underlying fiscal cliff shenanigans). Today has seen a mixed to higher European economic calendar, again boosting sentiment while the US look quite light with only ISM NY and the Fed's Tarullo speech scheduled ahead at 14:45 GMT and 15:45 GMT respectively.
Valeria Bednarik, Independent analyst for FXstreet.com notes across the board dollar weakness today as markets remain focused on the US fiscal cliff. She writes, "For the short term, the EURUSD hourly chart shows price still developing inside an ascendant channel, with indicators nearing overbought conditions and 20 SMA acting as dynamic support currently around 1.3065."
The pair has steadily climbed as sentiment from the Greek buyback deal has caused optimism across markets and shrugged off the news that Spain applied for a EUR 40bln banking bailout (alongside the continued underlying fiscal cliff shenanigans). Today has seen a mixed to higher European economic calendar, again boosting sentiment while the US look quite light with only ISM NY and the Fed's Tarullo speech scheduled ahead at 14:45 GMT and 15:45 GMT respectively.
Valeria Bednarik, Independent analyst for FXstreet.com notes across the board dollar weakness today as markets remain focused on the US fiscal cliff. She writes, "For the short term, the EURUSD hourly chart shows price still developing inside an ascendant channel, with indicators nearing overbought conditions and 20 SMA acting as dynamic support currently around 1.3065."
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