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1 Apr 2013
Forex: EUR/USD keeps the buoyancy above 1.2800
FXstreet.com (Barcelona) - The shared currency remains in the upper end of today’s range so far, hovering over 1.2810/15 after the Greek manufacturing PMI fell to 42.1 in March, showing that the crisis in that sector is far from over.
“We remain concerned that from a technical perspective the euro is stretched. The new four-month lows were not confirmed by the RSI… In addition, we note that euro has not closed above its 20-day moving average since Feb 13. It will come in just above $1.2940 on Monday and is falling more than 10 pips a day”, noted Marc Chandler, Head of Currency Strategy at Brown Brothers Harriman.
At the moment, the pair is up 0.04% at 1.2811 with the next resistance at 1.2884 (MA200d) followed by 1.3050 (high Mar.25) and then 1.3163 (high Feb.28).
On the flip side, a breakdown of 1.2751 (low Mar.27) would bring 1.2730 (low Nov.19).
“We remain concerned that from a technical perspective the euro is stretched. The new four-month lows were not confirmed by the RSI… In addition, we note that euro has not closed above its 20-day moving average since Feb 13. It will come in just above $1.2940 on Monday and is falling more than 10 pips a day”, noted Marc Chandler, Head of Currency Strategy at Brown Brothers Harriman.
At the moment, the pair is up 0.04% at 1.2811 with the next resistance at 1.2884 (MA200d) followed by 1.3050 (high Mar.25) and then 1.3163 (high Feb.28).
On the flip side, a breakdown of 1.2751 (low Mar.27) would bring 1.2730 (low Nov.19).