Back
16 May 2013
Forex: EUR/USD keeps lows around 1.2850/55
FXstreet.com (Barcelona) - The bloc currency is trading in the lower end of today’s range so far, meandering around the mid 1.28s in a context dominated by investors’ preference for the safe haven USD. Ahead in the day, EMU’s final inflation figures are due, although expectations remain anchored for an annual increase of 1.2%, extending the disinflation trend.
“The euro has been under pressure recently and a new low eurozone inflation reading could push EUR/USD towards 1.28… We conclude that Q1 probably marked the peak in EUR/USD in 2013”, suggested S.Roed-Frederiksen, Senior Analyst at Danske Bank.
At the moment the cross is down 0.25% at 1.2853 and a break below 1.2843 (low May 15) would open the door to the psychological mark at 1.2800 and finally 1.2740 (2013 low Apr.14).
On the flip side, resistance barriers are located at 1.2889 (high May 16) followed by 1.2943 (high May 15) and then 1.3002 (MA30d).
“The euro has been under pressure recently and a new low eurozone inflation reading could push EUR/USD towards 1.28… We conclude that Q1 probably marked the peak in EUR/USD in 2013”, suggested S.Roed-Frederiksen, Senior Analyst at Danske Bank.
At the moment the cross is down 0.25% at 1.2853 and a break below 1.2843 (low May 15) would open the door to the psychological mark at 1.2800 and finally 1.2740 (2013 low Apr.14).
On the flip side, resistance barriers are located at 1.2889 (high May 16) followed by 1.2943 (high May 15) and then 1.3002 (MA30d).