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5 Apr 2013
Forex: EUR/USD below 1.2930 takes a pause ahead of key US NFP
FXstreet.com (Barcelona) - With latest Reuters poll on EUR/USD recently released showing the most bearish call for end of month sitting at 1.24 round, coming from one of the 2 only analysts who got their previous calls closer to the final outcome, IDEAglobal, EUR/USD is last near session lows at 1.2924, slightly lower from session highs at 1.2937. The pair is not moving much in the Asian trade so far ahead of key US NFP data later on at 12:30 GMT, while local share markets all show loses with the exception of Nikkei, that jumps more than +3.7%.
As Valeria Bednarik points out, Chief Analyst at Fxstreet.com: “the hourly chart shows price consolidating near the high, with indicators deep in overbought territory, and price showing no aims of correcting lower,” the analyst says, adding: “In the 4 hours chart price broke well above 20 SMA and indicators head north above their midlines, which supports an upward continuation towards 1.3000 next big figure. Bears will remain reluctant as long as price hold above 1.2880 level,” she concludes.
Valeria sees support levels at: 1.2910, 1.2880 and 1.2840, while resistance levels at: 1.2950, 1.3000 and 1.3045.
As Valeria Bednarik points out, Chief Analyst at Fxstreet.com: “the hourly chart shows price consolidating near the high, with indicators deep in overbought territory, and price showing no aims of correcting lower,” the analyst says, adding: “In the 4 hours chart price broke well above 20 SMA and indicators head north above their midlines, which supports an upward continuation towards 1.3000 next big figure. Bears will remain reluctant as long as price hold above 1.2880 level,” she concludes.
Valeria sees support levels at: 1.2910, 1.2880 and 1.2840, while resistance levels at: 1.2950, 1.3000 and 1.3045.