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29 Mar 2013
Forex: EUR/USD finds support around 1.2810/15
FXstreet.com (Barcelona) - The single currency is giving away some pips at the moment, hovering over the area of 1.2810/15, as thin trade and lack of market-movers dominate the session so far.
Against the backdrop of the recent events in Cyprus, Analysts at Brown Brothers Harriman commented, “The market is casting about looking for the "next Cyprus". The consensus appears to be settling on Slovenia, where a new government is wrestling with a weak and leveraged (not nearly as much as Cyprus) banking system. Bond yields have risen sharply in recent days and the 5-year CDS has risen from around 240 to almost 355 over the past two weeks”.
The pair is now losing 0.02% at 1.2814 with the next support at 1.2804 (low Oct.2012) followed by 1.2751 (low Mar.27) and then 1.2730 (low Nov.19).
On the flip side, a breakout of 1.2884 (MA200d) ahead of 1.3050 (high Mar.25) and then 1.3163 (high Feb.28).
Against the backdrop of the recent events in Cyprus, Analysts at Brown Brothers Harriman commented, “The market is casting about looking for the "next Cyprus". The consensus appears to be settling on Slovenia, where a new government is wrestling with a weak and leveraged (not nearly as much as Cyprus) banking system. Bond yields have risen sharply in recent days and the 5-year CDS has risen from around 240 to almost 355 over the past two weeks”.
The pair is now losing 0.02% at 1.2814 with the next support at 1.2804 (low Oct.2012) followed by 1.2751 (low Mar.27) and then 1.2730 (low Nov.19).
On the flip side, a breakout of 1.2884 (MA200d) ahead of 1.3050 (high Mar.25) and then 1.3163 (high Feb.28).