10 Jun 2013
EUR/USD back above 1.3200
FXstreet.com (Barcelona) - The EUR/USD is now recovering some ground lost after the short-lived knee-jerk to session lows in the boundaries of 1.3180, currently testing 1.3205/10
“While the euro has benefited from Draghi's post-meeting press conference, confidence may be undermined again if this month's EU leaders' summit and next month's Eurozone finance ministers' meeting are unable to keep banking union on track. That should make euro bulls be careful of expecting further strong rises in the near term from current levels around 1.32 against the dollar”, suggested Mansoor Mohi-uddin, Head of FX Strategy at UBS.
The pair is now up 0.10% at 1.3207 and a surpass of 1.3306 (high Jun.6) would open the door to 1.3319 (high Feb.25) and finally 1.3341 (61.8% of Feb.-Apr. slide). On a downside, support levels arise at 1.3103 (MA100d) followed by 1.3075 (low Jun.6) ahead of 1.3053 (low Jun.5).
“While the euro has benefited from Draghi's post-meeting press conference, confidence may be undermined again if this month's EU leaders' summit and next month's Eurozone finance ministers' meeting are unable to keep banking union on track. That should make euro bulls be careful of expecting further strong rises in the near term from current levels around 1.32 against the dollar”, suggested Mansoor Mohi-uddin, Head of FX Strategy at UBS.
The pair is now up 0.10% at 1.3207 and a surpass of 1.3306 (high Jun.6) would open the door to 1.3319 (high Feb.25) and finally 1.3341 (61.8% of Feb.-Apr. slide). On a downside, support levels arise at 1.3103 (MA100d) followed by 1.3075 (low Jun.6) ahead of 1.3053 (low Jun.5).