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15 Apr 2013
Forex: EUR/USD keeps the red around 1.3075/80
FXstreet.com (Barcelona) - The single currency is following the lack of direction in the global markets on Monday, dragged to the defensive territory after the worse-than-expected data from the Chinese economy.
Mark Chandler, Strategist at BBH, commented, “The euro's upside correction remains intact. A convincing move above the $1.3115-20 area will signal the start of the next leg up that is worth at least another cent and maybe 2. Ideally, the euro holds above the $1.3020 area, but it may require a break of $1.30 to undermine the correction”.
As of writing, the cross is retreating 0.31% at 1.3075 with the next support at 1.3036 (low Apr.12) followed by 1.3006 (low Apr.9) and then 1.3003 (MA10d).
On the upside, a break above 1.3133 (MA55d) would open the door to 1.3138 (high Apr.11) and finally 1.3151 (MA100d).
Mark Chandler, Strategist at BBH, commented, “The euro's upside correction remains intact. A convincing move above the $1.3115-20 area will signal the start of the next leg up that is worth at least another cent and maybe 2. Ideally, the euro holds above the $1.3020 area, but it may require a break of $1.30 to undermine the correction”.
As of writing, the cross is retreating 0.31% at 1.3075 with the next support at 1.3036 (low Apr.12) followed by 1.3006 (low Apr.9) and then 1.3003 (MA10d).
On the upside, a break above 1.3133 (MA55d) would open the door to 1.3138 (high Apr.11) and finally 1.3151 (MA100d).