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2 Aug 2013
EUR/USD inching higher around 1.3220
FXstreet.com (Edinburgh) -There is not much going on in the euro zone during this morning so far, with market participants slowly digesting yesterday’s events and the EUR/USD gyrating around 1.3220.
EUR/USD supported by 1.3200
Despite briefly piercing the critical support at 1.3200 on Thursday, the pair closed above it, keeping the bullish stance for some analysts and pointing to a congestion pattern for others. In the aftermath of the ECB meeting, Strategist Kit Juckes at Societe Generale commented “The ECB seems likely to ease further despite the economy moving from recession to stagnation. Another rate cut, possibly even another LTRO, will be unleashed. The ECB will continue its stout defence of peripheral bond markets, though we will have to absorb the latest Italian political uncertainty”.
EUR/USD relevant levels
As of writing the pair is up 0.08% at 1.3219 facing the next hurdle at 1.3311 (high Aug.1) ahead of 1.3345 (high Jul.31) and then 1.3417 (high Jun.19). On the downside, a break below 1.3192 (low Aug.1) would target 1.3166 (low Jul.25) en route to 1.3164 (low Jul.23).
EUR/USD supported by 1.3200
Despite briefly piercing the critical support at 1.3200 on Thursday, the pair closed above it, keeping the bullish stance for some analysts and pointing to a congestion pattern for others. In the aftermath of the ECB meeting, Strategist Kit Juckes at Societe Generale commented “The ECB seems likely to ease further despite the economy moving from recession to stagnation. Another rate cut, possibly even another LTRO, will be unleashed. The ECB will continue its stout defence of peripheral bond markets, though we will have to absorb the latest Italian political uncertainty”.
EUR/USD relevant levels
As of writing the pair is up 0.08% at 1.3219 facing the next hurdle at 1.3311 (high Aug.1) ahead of 1.3345 (high Jul.31) and then 1.3417 (high Jun.19). On the downside, a break below 1.3192 (low Aug.1) would target 1.3166 (low Jul.25) en route to 1.3164 (low Jul.23).