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11 Feb 2013
Forex: EUR/USD bounces to its daily highs
The EUR/USD was finding resistance around 1.3390 and went for a retest of the 50% retracement of the move higher seen this year, to as low as 1.3358. The European opening pulled the pair back up towards that resistance area, ten pips below the 1.3400 psychological level.
The market is trading with low volumes and is missing a massive EUR buyer, China. Many Asian countries are celebrating New Year. France published its December Industrial Output at +0.1% (MoM), instead of the -0.2% expected. Output had risen 0.5% in the prior month. Next will be Portugal Global Trade Balance. As of writing, the EUR/USD trades at 1.3385.
“We target the 1.3270/56 zone near term, which we suspect will hold the initial test. This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3228 3 month support line”, wrote analyst Karen Jones.
The market is trading with low volumes and is missing a massive EUR buyer, China. Many Asian countries are celebrating New Year. France published its December Industrial Output at +0.1% (MoM), instead of the -0.2% expected. Output had risen 0.5% in the prior month. Next will be Portugal Global Trade Balance. As of writing, the EUR/USD trades at 1.3385.
“We target the 1.3270/56 zone near term, which we suspect will hold the initial test. This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3228 3 month support line”, wrote analyst Karen Jones.