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21 Mar 2013
Forex: EUR/USD retracing from highs
FXstreet.com (Barcelona) - The spike to levels above 1.2940 proved to be ephemeral as the single currency is now back around 1.2920/25 against the greenback.
Once more markets were fooled by rumours. This time market chat was indicating the possibility that the Cyprus Popular Bank would be shut down and split, version later denied by the central bank.
In the meantime, market participants are now focused on the Cyprus/Eurogroup teleconference due at 1800GMT… if it ever happens.
At the moment, the cross is losing 0.17% at 1.2922
Next support levels align at 1.2878 (MA200d) ahead of 1.2865 (Lower Bollinger) and finally 1.2844 (low Mar.19).
On the flip side, a break above 1.2979 (high Mar.20) would clear the way to 1.3032 (MA21d) and then 1.3128 (MA100d).
Once more markets were fooled by rumours. This time market chat was indicating the possibility that the Cyprus Popular Bank would be shut down and split, version later denied by the central bank.
In the meantime, market participants are now focused on the Cyprus/Eurogroup teleconference due at 1800GMT… if it ever happens.
At the moment, the cross is losing 0.17% at 1.2922
Next support levels align at 1.2878 (MA200d) ahead of 1.2865 (Lower Bollinger) and finally 1.2844 (low Mar.19).
On the flip side, a break above 1.2979 (high Mar.20) would clear the way to 1.3032 (MA21d) and then 1.3128 (MA100d).