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6 May 2013
Forex: EUR/USD in red around 1.3100
FXstreet.com (Barcelona) - The euro is cling to the key mark at 1.3100 on Monday, despite the 0.1% monthly contraction of the EMU Retail Sales, dropping 2.4% over the last twelve months, exceeding the median at -1.9%.
“The USD surged against the EUR and other major currencies on a stronger-than-expected US Nonfarm Payrolls report, but a material euro recover suggests trader are not quite ready to push it to fresh lows despite signs of pickup in the US economy… We can hardly claim that economic and fiscal crisis are solved in the euro are, but buoyant global financial markets are encouraging risk-taking”, assessed David Rodriguez, Quantitative Strategist at DailyFX.
EUR/USD is now retreating 0.12% at 1.3105 and a breakdown of 1.3033 (low May 3) would open the door to 1.3015 (low Apr.29) and then 1.3000 (low Apr.29).
On the flip side, resistance levels are located at 1.3160 (high May 3) followed by 1.3220 (high May 2) and finally 1.3243 (high May 1).
“The USD surged against the EUR and other major currencies on a stronger-than-expected US Nonfarm Payrolls report, but a material euro recover suggests trader are not quite ready to push it to fresh lows despite signs of pickup in the US economy… We can hardly claim that economic and fiscal crisis are solved in the euro are, but buoyant global financial markets are encouraging risk-taking”, assessed David Rodriguez, Quantitative Strategist at DailyFX.
EUR/USD is now retreating 0.12% at 1.3105 and a breakdown of 1.3033 (low May 3) would open the door to 1.3015 (low Apr.29) and then 1.3000 (low Apr.29).
On the flip side, resistance levels are located at 1.3160 (high May 3) followed by 1.3220 (high May 2) and finally 1.3243 (high May 1).