Forex: EUR/USD hovering over 1.3445/50
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - The shared currency kept the buying interest overnight around the mid 1.3400s, and is posed to extend the recent rally as risk appetite continues to prop up the momentum.
Jonathan Cavenagh, analyst at Westpac, argues "EURUSD finally managed to push through the 1.3400 level and traded as high as the 1.3480 level before selling interest emerged. Still dips were quite shallow and the pair looks set to test higher from here. As has been the case for sometime, our Q1 target remains the 1.3500 level but a move to the 1.3700-1.3800 can't be ruled out".
At the moment, the cross is losing 0.13% at 1.3448 with the immediate support at 1.3410 (hourly low Jan.25) seconded by 1.3349 (low Jan.25) and finally 1.3347 (MA10d).
On the flip side, a breakout of 1.3470 would expose 1.3487 (2012 high Feb.24) en route to 1.3491 (50% of 2011-12 decline).
Jonathan Cavenagh, analyst at Westpac, argues "EURUSD finally managed to push through the 1.3400 level and traded as high as the 1.3480 level before selling interest emerged. Still dips were quite shallow and the pair looks set to test higher from here. As has been the case for sometime, our Q1 target remains the 1.3500 level but a move to the 1.3700-1.3800 can't be ruled out".
At the moment, the cross is losing 0.13% at 1.3448 with the immediate support at 1.3410 (hourly low Jan.25) seconded by 1.3349 (low Jan.25) and finally 1.3347 (MA10d).
On the flip side, a breakout of 1.3470 would expose 1.3487 (2012 high Feb.24) en route to 1.3491 (50% of 2011-12 decline).
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