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25 Mar 2013
Forex: EUR/USD dips to lows around 1.2940
FXstreet.com (Barcelona) - The single currency is now posting fresh intraday lows in the proximities of 1.2940 as selling interest intensifies amongst traders.
Markets continue to digest the deal between the Troika and Cyprus early Monday, dragging the euro at the same time to lower ground.
“It is probably not quite the time to be aggressive long USD, but time to again hold a EUR short awaiting bailout implementation risks in Cyprus this week. Political uncertainty in Italy may also be significant enough to undermine confidence in the EUR and sustain its recent down-trend”, recommends Gregg Gibbs, FX Trading Strategist at RBS.
The cross is now losing 0.12% at 1.2946 and a drop beyond 1.2945 (hourly low Mar.25) would expose 1.2889 (low Mar.22) and finally 1.2881 (MA200d).
On the upside, resistance levels line up at 1.3107 (high Mar.15) followed by 1.3135 (high Mar.8) and then 1.3163 (high Feb.28).
Markets continue to digest the deal between the Troika and Cyprus early Monday, dragging the euro at the same time to lower ground.
“It is probably not quite the time to be aggressive long USD, but time to again hold a EUR short awaiting bailout implementation risks in Cyprus this week. Political uncertainty in Italy may also be significant enough to undermine confidence in the EUR and sustain its recent down-trend”, recommends Gregg Gibbs, FX Trading Strategist at RBS.
The cross is now losing 0.12% at 1.2946 and a drop beyond 1.2945 (hourly low Mar.25) would expose 1.2889 (low Mar.22) and finally 1.2881 (MA200d).
On the upside, resistance levels line up at 1.3107 (high Mar.15) followed by 1.3135 (high Mar.8) and then 1.3163 (high Feb.28).