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3 Apr 2013
Forex: EUR/USD struggling around 1.2800 on a broad USD bid
FXstreet.com (Barcelona) - While Gold is having its 2 worst days in a row of selling off in last month as April contract delivers, EUR/USD is last at 1.2801, off recent session and 2-day lows at 1.2794, following FED Evans suggested bond buying program may reduce pace later in 2013, IFR John Noonan reported. EUR/USD is slightly below previous weekly close past Friday, down -0.14%.
“The flow guy informs me that there is plenty of EUR/USD buying interest between 1.2760/70 from Eastern Europe and the Middle East, who I can only presume are booking profits on existing shorts,” noted FXWW founder Sean Lee, adding: “Real money funds are still being reported as the primary sellers, with asset managers getting out of their EZ investments.”
Immediate support to the downside for EUR/USD lies at Friday's lows 1.2790, followed by Monday's weekly lows 1.2770, and past week double low at 1.2750. To the upside, closest resistance shows at yesterday's lows 1.2810, followed by Thursday's 1.2845, and Monday's/Tuesday's weekly highs at 1.2870/80.
“The flow guy informs me that there is plenty of EUR/USD buying interest between 1.2760/70 from Eastern Europe and the Middle East, who I can only presume are booking profits on existing shorts,” noted FXWW founder Sean Lee, adding: “Real money funds are still being reported as the primary sellers, with asset managers getting out of their EZ investments.”
Immediate support to the downside for EUR/USD lies at Friday's lows 1.2790, followed by Monday's weekly lows 1.2770, and past week double low at 1.2750. To the upside, closest resistance shows at yesterday's lows 1.2810, followed by Thursday's 1.2845, and Monday's/Tuesday's weekly highs at 1.2870/80.