10 Jun 2013
EUR/USD keeps the 1.3200/20 range
FXstreet.com (Barcelona) - The EUR/USD remains in the positive territory on Monday, consolidating its advance above the key mark at 1.3200.
After dipping to sub 1.3180 levels early morning, the shared currency managed to gain traction and climb back beyond 1.3200 the figure. In the view of Lee Hardman, Currency Analyst at BTMU, “The euro over reaction to the less dovish than expected press conference from ECB President Draghi from late last week is also correcting… Market attention may focus tomorrow upon a two-day hearing of experts over the legality of the ECB’s OMT programme and ESM at the German Constitutional Court although a final ruling is not expected before the fall”.
The pair is now up 0.17% at 1.3216 and a breakout 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).
After dipping to sub 1.3180 levels early morning, the shared currency managed to gain traction and climb back beyond 1.3200 the figure. In the view of Lee Hardman, Currency Analyst at BTMU, “The euro over reaction to the less dovish than expected press conference from ECB President Draghi from late last week is also correcting… Market attention may focus tomorrow upon a two-day hearing of experts over the legality of the ECB’s OMT programme and ESM at the German Constitutional Court although a final ruling is not expected before the fall”.
The pair is now up 0.17% at 1.3216 and a breakout 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).