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4 Apr 2013
Forex: EUR/USD regain 1.2800
FXstreet.com (Barcelona) - After dipping to fresh lows in the vicinity of 1.2780, the shared currency managed to gather some traction and trade back around the key mark of 1.2800 on Thursday, ahead of the ECB statement due later.
It’s worth noting that the broader consensus expects the central bank to leave unchanged the repo rate at 0.75%. However, the subsequent press conference by Draghi would grab all the attention as Cyprus and the recent weak euro zone fundamentals will be on center stage.
As of writing, the cross is retreating 0.36% at 1.2801 and a dip beyond 1.2751 (low Mar.27) would aim for 1.2730 (low Nov.19) and then 1.2680 (61.85 of 1.2042-13711).
On the upside, resistance levels align at 1.2878 (high Apr.2) ahead of 1.2890 (MA200d) and finally 1.2920 (MA21d).
It’s worth noting that the broader consensus expects the central bank to leave unchanged the repo rate at 0.75%. However, the subsequent press conference by Draghi would grab all the attention as Cyprus and the recent weak euro zone fundamentals will be on center stage.
As of writing, the cross is retreating 0.36% at 1.2801 and a dip beyond 1.2751 (low Mar.27) would aim for 1.2730 (low Nov.19) and then 1.2680 (61.85 of 1.2042-13711).
On the upside, resistance levels align at 1.2878 (high Apr.2) ahead of 1.2890 (MA200d) and finally 1.2920 (MA21d).