Forex: EUR/USD stabilizes at 1.2870/80
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - Re-election of President B.Obama has boosted the cross from levels below 1.2790 to the actual zone at 1.2870/80, as investors were quickly unwinding long US dollar positions.
With the US elections already behind, market participants would now turn their focus to Greece, where the Parliament will vote today on the additional spending cuts, worth ¬13.5 billion, against a backdrop of increasing unrest among the population.
The cross is now 0.37% at 1.2862 with the next resistance at 1.2901 (MA10d) followed by 1.2950 (high Nov.2).
On the flip side, a breakdown of 1.2764 (low Nov.6) would bring 1.2753 (low Sep.11) and 1.2741 (38.2% of 1.2042-1.3172).
With the US elections already behind, market participants would now turn their focus to Greece, where the Parliament will vote today on the additional spending cuts, worth ¬13.5 billion, against a backdrop of increasing unrest among the population.
The cross is now 0.37% at 1.2862 with the next resistance at 1.2901 (MA10d) followed by 1.2950 (high Nov.2).
On the flip side, a breakdown of 1.2764 (low Nov.6) would bring 1.2753 (low Sep.11) and 1.2741 (38.2% of 1.2042-1.3172).
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