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22 Apr 2013
Forex: EUR/USD extends the correction higher
FXstreet.com (Barcelona) - The shared currency is prolonging its corrective upside from session lows in the vicinity of 1.3015/20, trading around 1.3055/60 as the NA session is drawing to a close.
Moving forward to Tuesday’s docket, risk trends will be put to the test since early morning after China releases its trade balance figures and the flash HSBC manufacturing PMI. Further results will see the preliminary manufacturing and services PMI prints in France, Germany and the bloc as a whole, followed by a gauge of the Italian Consumer Confidence and Trade Balance figures ahead of a Spanish auction of 3-m Letras.
At the moment, the cross is down 0.16% at 1.3056 with the next resistance at 1.3015 (low Apr.22) followed by 1.3001 (low Apr.17) and finally 1.2969 (MA21d).
On the flip side, a break above 1.3130 (high Apr.19) would open the door to 1.3202 (high Apr.16) and then 1.3229 (50% Feb-Apr slide).
Moving forward to Tuesday’s docket, risk trends will be put to the test since early morning after China releases its trade balance figures and the flash HSBC manufacturing PMI. Further results will see the preliminary manufacturing and services PMI prints in France, Germany and the bloc as a whole, followed by a gauge of the Italian Consumer Confidence and Trade Balance figures ahead of a Spanish auction of 3-m Letras.
At the moment, the cross is down 0.16% at 1.3056 with the next resistance at 1.3015 (low Apr.22) followed by 1.3001 (low Apr.17) and finally 1.2969 (MA21d).
On the flip side, a break above 1.3130 (high Apr.19) would open the door to 1.3202 (high Apr.16) and then 1.3229 (50% Feb-Apr slide).