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29 Apr 2013
Forex: EUR/USD in highs around 1.3085/90
FXstreet.com (Barcelona) - The single currency is gathering pace on Monday, printing fresh session highs in the proximity of 1.3090 as risk appetite continues to swell amongst investors.
“The new Italian government sworn in over the weekend has removed yet another tail-risk from the euro. However, it has to be weighed against the prospect of an ECB rate cut later this week. However, as the latter is more or less priced in, we do not think it will trigger a substantial euro sell-off. In fact, the euro might get some support if the ECB comes up with non-standard measures”, assessed Frank Oland, Senior Economist at Danske Bank.
At the moment, the pair is up 0.25% at 1.3082 and a surpass of 1.3094 (high Apr.25) would open the door to 1.3130 (high Apr.19) and finally 1.3202 (high Apr.16).
On the flip side, support levels line up at 1.2988 (low Apr.25) ahead of 1.2954 (low Apr.24) and then 1.2948 (MA200d).
“The new Italian government sworn in over the weekend has removed yet another tail-risk from the euro. However, it has to be weighed against the prospect of an ECB rate cut later this week. However, as the latter is more or less priced in, we do not think it will trigger a substantial euro sell-off. In fact, the euro might get some support if the ECB comes up with non-standard measures”, assessed Frank Oland, Senior Economist at Danske Bank.
At the moment, the pair is up 0.25% at 1.3082 and a surpass of 1.3094 (high Apr.25) would open the door to 1.3130 (high Apr.19) and finally 1.3202 (high Apr.16).
On the flip side, support levels line up at 1.2988 (low Apr.25) ahead of 1.2954 (low Apr.24) and then 1.2948 (MA200d).