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26 Mar 2013
Forex: EUR/USD on auto pilot around 1.2850/55
FXstreet.com (Barcelona) - Nothing seems to bother the euro on Tuesday, keeping the dullness intact in the vicinity of 1.2850/55 and unusually trading in a very narrow range.
Greg Gibbs, FX Trading Analyst at RBS, commented, “We continue to favour more downside in the EUR, and continue to see risks of some contagion to global markets, although there is clearly a higher hurdle for this to hurt global investor confidence. Today we see topside for the EUR like to be limited to around 1.29 and look for a further decline towards 1.26 in coming sessions”.
At the moment, EUR/USD is gaining 0.05% at 1.2856 and a surpass of 1.2950 (MA10d) would aim for 1.3050 (high Mar.25) en route to 1.3107 (high Mar.15).
On the flip side, support levels lie at 1.2828 (intraday low) followed by 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).
Greg Gibbs, FX Trading Analyst at RBS, commented, “We continue to favour more downside in the EUR, and continue to see risks of some contagion to global markets, although there is clearly a higher hurdle for this to hurt global investor confidence. Today we see topside for the EUR like to be limited to around 1.29 and look for a further decline towards 1.26 in coming sessions”.
At the moment, EUR/USD is gaining 0.05% at 1.2856 and a surpass of 1.2950 (MA10d) would aim for 1.3050 (high Mar.25) en route to 1.3107 (high Mar.15).
On the flip side, support levels lie at 1.2828 (intraday low) followed by 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).