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14 May 2013
Forex: EUR/USD in multi-week lows around 1.2935/40
FXstreet.com (Barcelona) - The shared currency keeps the negative tone on Tuesday, trading in multi-week lows in the region of 1.2935/40, levels last seen in early April.
“The event risk calendar over the next week looks skewed in favour of renewed EUR/USD downside… We would look to sell EUR/USD spot on strength at 1.3030 targeting a quick leg lower to 1.2850 into next week”, recommended R.Franulovich, Strategist at Westpac.
As of writing, the cross is retreating 0.25% at 1.2943 with the next support at 1.2936 (61.8% of 1.2747-1.3243) would expose 1.2935 (low May 10) and then 1.2850 (76.4% of Apr. range).
On the flip side, resistance levels align at 1.3051 (high May 10) would open the door to 1.3065 (MA21d) and finally 1.3148 (MA100d).
“The event risk calendar over the next week looks skewed in favour of renewed EUR/USD downside… We would look to sell EUR/USD spot on strength at 1.3030 targeting a quick leg lower to 1.2850 into next week”, recommended R.Franulovich, Strategist at Westpac.
As of writing, the cross is retreating 0.25% at 1.2943 with the next support at 1.2936 (61.8% of 1.2747-1.3243) would expose 1.2935 (low May 10) and then 1.2850 (76.4% of Apr. range).
On the flip side, resistance levels align at 1.3051 (high May 10) would open the door to 1.3065 (MA21d) and finally 1.3148 (MA100d).