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27 Mar 2013
Forex: EUR/USD calmer after 1.2752 low
FXstreet.com (Barcelona) - The European session pushed the EUR/USD lower as data was released and rumors about an Italian downgrade emerged. Investors are nervous about what will happen tomorrow in Cyprus, with banks re-opening, and in Italy, with troubles to negotiate a coalition for government. The EUR/USD came to as low as 1.2752 after US housing data and is has bounced slowly to 1.2775 area.
Pending home sales fell -0.4% in February, more than the expected -0.2%. January data was revised lower from 4.5% to 3.8%. The annualized figure eased from 9.5% to 8.4%.
“Recoveries so far stalled below 1.2800 level that attracts short term selling interest”, wrote FXstreet.com independent analyst Valeria Bednarik. “In the 4 hours chart the pair maintains a strong bearish momentum that suggests further slides are yet to be seen, eyeing now 1.2660 past November monthly low”, she added, pointing to corrective rallies to attract sellers up to 1.2880 resistance zone.
Pending home sales fell -0.4% in February, more than the expected -0.2%. January data was revised lower from 4.5% to 3.8%. The annualized figure eased from 9.5% to 8.4%.
“Recoveries so far stalled below 1.2800 level that attracts short term selling interest”, wrote FXstreet.com independent analyst Valeria Bednarik. “In the 4 hours chart the pair maintains a strong bearish momentum that suggests further slides are yet to be seen, eyeing now 1.2660 past November monthly low”, she added, pointing to corrective rallies to attract sellers up to 1.2880 resistance zone.