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25 Mar 2013
Forex: EUR/USD trades below Friday’s close of 1.2991
FXstreet.com (Barcelona) - After erasing early gains up to 1.3048, the new upside attempt during the European session peaked at 1.3019 and then the EUR/USD retraced back to Friday’s close at 1.2991 and is even trading below it. Data in the economic calendar has been delivered and the Eurogroup is still working on the details of the agreement with Cyprus.
“Uninsured deposits in the Bank of Cyprus will be immediately frozen until the authorities have determined the amount needed to be ’bailed in’ (specifically, via a deposit/equity swap) for the Bank’s recapitalization needs, as the €10b ‘program money’ will not be used for that purpose”, wrote TD Securities analyst analyst Alvin Pontoh,
The Italian Trade Balance non-EU moved from €-2.282B deficit to €0.704M surplus in February. The Italian consumer confidence report shows a decline from 86 to 85.2 in March, above the 85.0 consensus. Earlier, the Spanish PPI eased from 2.6% to 2.1% in February.
“We think today the price may continue moving downwards to reach a new minimum at the level of 1.2820 and then start growing up towards the target at 1.3190”, wrote Roboforex.com analyst Igor Sayadov, also seeing potential for an alternative scenario in which “the pair may continue moving upwards and form head & shoulders pattern with the target at 1.3130. Later, in our opinion, the price may start a rapid descending movement and reach a new minimum”.
“Uninsured deposits in the Bank of Cyprus will be immediately frozen until the authorities have determined the amount needed to be ’bailed in’ (specifically, via a deposit/equity swap) for the Bank’s recapitalization needs, as the €10b ‘program money’ will not be used for that purpose”, wrote TD Securities analyst analyst Alvin Pontoh,
The Italian Trade Balance non-EU moved from €-2.282B deficit to €0.704M surplus in February. The Italian consumer confidence report shows a decline from 86 to 85.2 in March, above the 85.0 consensus. Earlier, the Spanish PPI eased from 2.6% to 2.1% in February.
“We think today the price may continue moving downwards to reach a new minimum at the level of 1.2820 and then start growing up towards the target at 1.3190”, wrote Roboforex.com analyst Igor Sayadov, also seeing potential for an alternative scenario in which “the pair may continue moving upwards and form head & shoulders pattern with the target at 1.3130. Later, in our opinion, the price may start a rapid descending movement and reach a new minimum”.