Forex: EUR/USD steady around 1.2570
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EUR/USD
FXstreet.com (San Francisco) - EURUSD remains relatively inactive so far this Monday in Asia, holding steady around the 1.2570 mark after one and a half weeks of consolidation around the 100-day EMA.
Price may be able to edge higher in the sessions ahead, with resistance levels noted at 1.2590, 1.2630 and 1.2680. To the downside, support levels lie at 1.2550, 1.2520 and 1.2484.
"The strong static resistance level, as per past January monthly low and several daily highs and lows, is the level to overcome to confirm a stronger upward tone," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "The bullish upward bias will remain in place as long as price holds above the 1.2485 area, now key support."
On the fundamental front, market participants will be watching closely the outcome of the ECB later this week, and Friday's non-farm payrolls "to give more clues on what may happen with QE3," explains Ms. Bednarik. Until then, market players are likely to remain cautious.
Price may be able to edge higher in the sessions ahead, with resistance levels noted at 1.2590, 1.2630 and 1.2680. To the downside, support levels lie at 1.2550, 1.2520 and 1.2484.
"The strong static resistance level, as per past January monthly low and several daily highs and lows, is the level to overcome to confirm a stronger upward tone," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "The bullish upward bias will remain in place as long as price holds above the 1.2485 area, now key support."
On the fundamental front, market participants will be watching closely the outcome of the ECB later this week, and Friday's non-farm payrolls "to give more clues on what may happen with QE3," explains Ms. Bednarik. Until then, market players are likely to remain cautious.
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