2 Jul 2013
EUR/USD stabilizes around 1.3010
Fxstreet.com (Edinburgh) - It seems the EUR/USD found a comfort zone in the boundaries of the psychological mark at 1.300 on Tuesday, correcting lower after session highs above 1.3040.
EUR/USD congestion would prevail ahead of ECB
The euro looks set to remain under pressure in the upcoming sessions, as the Services PMI for the month of June are due tomorrow prior to the big day in Thursday, when the ECB will hold its monthly gathering. In the opinion of Analyst Elwin de Groot at Rabobank, “The promise that the “monetary policy stance will remain accommodative for as long as needed” (introduced in the April meeting) could be seen as a step-up to a more explicit promise of low rates for an ‘extended period’. However, conditions are not sufficiently serious to warrant such a step yet.
EUR/USD levels to watch
As of writing, the pair is losing 0.41% at 1.3010 and a breakdown of 1.2990 (low Jul.2) would expose1.2985 (low Jun.26) and finally 1.2958 (daily cloud base). On the flip side, resistance levels align at 1.3078 (high Jul.2) followed by 1.3103 (high Jun.28) and then 1.3115 (MA30d).
EUR/USD congestion would prevail ahead of ECB
The euro looks set to remain under pressure in the upcoming sessions, as the Services PMI for the month of June are due tomorrow prior to the big day in Thursday, when the ECB will hold its monthly gathering. In the opinion of Analyst Elwin de Groot at Rabobank, “The promise that the “monetary policy stance will remain accommodative for as long as needed” (introduced in the April meeting) could be seen as a step-up to a more explicit promise of low rates for an ‘extended period’. However, conditions are not sufficiently serious to warrant such a step yet.
EUR/USD levels to watch
As of writing, the pair is losing 0.41% at 1.3010 and a breakdown of 1.2990 (low Jul.2) would expose1.2985 (low Jun.26) and finally 1.2958 (daily cloud base). On the flip side, resistance levels align at 1.3078 (high Jul.2) followed by 1.3103 (high Jun.28) and then 1.3115 (MA30d).