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25 Feb 2013
Forex: EUR/USD keeps pushing higher, around 1.3230
The shared currency continues to hold the upper ground of the range so far, retracing to the area of 1.3225 after hitting the boundaries of 1.3240
Against the backdrop of the Italian elections (results due after 14GMT), the research team at NAB commented, “… anything other than a clear win for Bersani’s Democratic Party in the lower house and a seemingly workable Bersani/Monti coalition in the Senate will almost inevitably see pressure resurface on euro peripheral debt markets and with that risk that EUR/USD heads further south to as far as 1.30”.
At the moment, the cross is gaining 0.11% at 1.3232 facing the next resistance at 1.3246 (high Feb.22) ahead of 1.3293 (MA55d) and then 1.3320 (MA10d).
On the downside, a breach of 1.3146 (low Feb.22) would open the door to 1.3123 (MA100d) and finally 1.3039 (low Jan.10).
Against the backdrop of the Italian elections (results due after 14GMT), the research team at NAB commented, “… anything other than a clear win for Bersani’s Democratic Party in the lower house and a seemingly workable Bersani/Monti coalition in the Senate will almost inevitably see pressure resurface on euro peripheral debt markets and with that risk that EUR/USD heads further south to as far as 1.30”.
At the moment, the cross is gaining 0.11% at 1.3232 facing the next resistance at 1.3246 (high Feb.22) ahead of 1.3293 (MA55d) and then 1.3320 (MA10d).
On the downside, a breach of 1.3146 (low Feb.22) would open the door to 1.3123 (MA100d) and finally 1.3039 (low Jan.10).