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24 Apr 2013
Forex: EUR/USD eases from 1.3000
FXstreet.com (Barcelona) - The shared currency is trading below the key limestone at 1.3000 on Wednesday, ahead of the German IFO series due later. According to prior surveys, all of the components are expected to come in lower for the month of April, reflecting the ongoing concerns of the economic growth in the euro area.
“The IFO index will be released today and if consistent with the PMI data will only reinforce the positioning for an ECB rate cut next week. As we expected, the euro is holding up given the offsetting forces – the US is also slowing and the BOJ has eased aggressively”, commented Derek Halpenny, Strategist at BTMU.
EUR/USD is losing 0.02% at 1.2994 with the next support at 1.2972 (MA21d) followed by 1.2963 (low Apr.8) and then 1.2940 (MA200d).
On the upside, a break above 1.3085 (high Apr.23) would open the door to 1.3130 (high Apr.19) and finally 1.3202 (high Apr.16).
“The IFO index will be released today and if consistent with the PMI data will only reinforce the positioning for an ECB rate cut next week. As we expected, the euro is holding up given the offsetting forces – the US is also slowing and the BOJ has eased aggressively”, commented Derek Halpenny, Strategist at BTMU.
EUR/USD is losing 0.02% at 1.2994 with the next support at 1.2972 (MA21d) followed by 1.2963 (low Apr.8) and then 1.2940 (MA200d).
On the upside, a break above 1.3085 (high Apr.23) would open the door to 1.3130 (high Apr.19) and finally 1.3202 (high Apr.16).