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3 May 2013
Forex: EUR/USD consolidating above 1.3100
FXstreet.com (Barcelona) - The shared currency remains in the positive territory on Friday, trading above 1.3100 and waiting for the US Payrolls figures due later. Recall that market participants expect the US economy to have created 145K jobs during April, exceeding the previous print at 88K.
“Our short-term view still remains that the EUR will move lower, but we continue to put our faith in poor economic data, growth divergence (Germany vis-à-vis the rest of the world) and/or increasing financial stability risks (perhaps led by a back-up in key EMU bond yields) as the trigger for these declines”, commented Stephen Gallo at BMO.
The cross is now advancing 0.45% at 1.3124 and a surpass of 1.3220 (high May 2) would open the door to 1.3231 (daily cloud top) and then 1.3243 (high May 1).
On the flip side, support levels line up at 1.3051 (low May 3) ahead of 1.3037 (low May 2) and then 1.3015 (low Apr.29).
“Our short-term view still remains that the EUR will move lower, but we continue to put our faith in poor economic data, growth divergence (Germany vis-à-vis the rest of the world) and/or increasing financial stability risks (perhaps led by a back-up in key EMU bond yields) as the trigger for these declines”, commented Stephen Gallo at BMO.
The cross is now advancing 0.45% at 1.3124 and a surpass of 1.3220 (high May 2) would open the door to 1.3231 (daily cloud top) and then 1.3243 (high May 1).
On the flip side, support levels line up at 1.3051 (low May 3) ahead of 1.3037 (low May 2) and then 1.3015 (low Apr.29).