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12 Mar 2013
Forex: EUR/USD again at 1.3000 after Spanish debt auctions
Having gone as high as 1.3057 as the US session closed, the EUR/USD gave in to the magnetism of the psychological level at 1.3000 and moved there on the European session. 1.3020 is keeping the pair from bouncing, and the EUR/USD remains subdued to the 1.3000 mark.
The Spanish 12 and 6-month debt auctions found improving yields at 1.363% (from 1.548%) and 0.794% (from 0.859%), respectively. Greek industrial production fell from -0.9% to -4.8% in January.
“The recent high at 1.3054 is probably the end of the consolidation pattern above 1.2953 and my outlook here is bearish, for a slide towards 1.2880”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.3070-80 ahead of 1.3133 high.
The Spanish 12 and 6-month debt auctions found improving yields at 1.363% (from 1.548%) and 0.794% (from 0.859%), respectively. Greek industrial production fell from -0.9% to -4.8% in January.
“The recent high at 1.3054 is probably the end of the consolidation pattern above 1.2953 and my outlook here is bearish, for a slide towards 1.2880”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.3070-80 ahead of 1.3133 high.