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4 Apr 2013
Forex: EUR/USD in session highs above 1.2880
FXstreet.com (Barcelona) - The shared currency keeps pushing higher on Thursday, eyeing the key 200-day moving average in the area around 1.2890/95 as buying interest persists.
In the wake of the ECB meeting, Elwin de Groot, Senior Eurozone Strategist at Rabobank, commented, “… the consensus among the Council was not to look at rates, for the time being. This suggests the ECB wants to further study the alternatives it has at its disposal. The idea that the ECB would – in principle – prefer to use unconventional measures over conventional measures (i.e., rates) was confirmed by a rather extensive discussion during the Q&A session on how to improve the supply of credit to SME’s”.
At the moment, the cross is advancing 0.23% at 1.2878 facing the next resistance at 1.2890 (MA200d) followed by 1.2920 (MA21d) and finally 1.3050 (high Mar.25).
On the flip side, a breakdown of 1.2730 (low Nov.19) would expose 1.2680 (61.85 of 1.2042-13711) and then 1.2662 (low Nov.13)
In the wake of the ECB meeting, Elwin de Groot, Senior Eurozone Strategist at Rabobank, commented, “… the consensus among the Council was not to look at rates, for the time being. This suggests the ECB wants to further study the alternatives it has at its disposal. The idea that the ECB would – in principle – prefer to use unconventional measures over conventional measures (i.e., rates) was confirmed by a rather extensive discussion during the Q&A session on how to improve the supply of credit to SME’s”.
At the moment, the cross is advancing 0.23% at 1.2878 facing the next resistance at 1.2890 (MA200d) followed by 1.2920 (MA21d) and finally 1.3050 (high Mar.25).
On the flip side, a breakdown of 1.2730 (low Nov.19) would expose 1.2680 (61.85 of 1.2042-13711) and then 1.2662 (low Nov.13)