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17 Apr 2013
Forex: EUR/USD hovering over 1.3030/35 on Beige Book
FXstreet.com (Barcelona) - The single currency posted no reaction after the Fed published its Beige Book, orbiting around 1.3030/35. According to the release, the US economy expanded at a moderate pace, employment conditions stayed mostly unchanged and price pressures remained subdued.
“Intraday the market should find initial support circa 1.3027/22 and the 200 day ma at 1.2922 en route to the 1.2740 recent low”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
As of writing, the cross is retreating 1.08% at 1.3035 with the next support at 1.3028 (low Apr.16) ahead of 1.3006 (low Apr.9) and then 1.2963 (low Apr.8).
On the upside, resistance levels align at 1.3202 (high Apr.16) ahead of 1.3229 (50% of Feb. -Apr. slide) and finally 1.3319 (high Feb.25).
“Intraday the market should find initial support circa 1.3027/22 and the 200 day ma at 1.2922 en route to the 1.2740 recent low”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
As of writing, the cross is retreating 1.08% at 1.3035 with the next support at 1.3028 (low Apr.16) ahead of 1.3006 (low Apr.9) and then 1.2963 (low Apr.8).
On the upside, resistance levels align at 1.3202 (high Apr.16) ahead of 1.3229 (50% of Feb. -Apr. slide) and finally 1.3319 (high Feb.25).