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25 Apr 2013
Forex: EUR/USD eases to 1.3075/80 after US data
FXstreet.com (Barcelona) - The shared currency eased to the area of 1.3075/80 from levels just shy of the key mark at 1.3100 on Thursday, after the US Initial Claims dropped to 339K in the week ended on April 19, bettering expectations at 351K and down from previous reading at 355K (revised).
“Stability in commodity prices is helping EUR sentiment, while we continue to see peripheral bond yields move lower. An ECB rate cut may help boost expectations around a recovery in economic activity but it is hard to see it being viewed as a positive for the currency. EUR/USD should be capped ahead of 1.3200”, suggested the research team at Westpac.
At the moment, the cross is advancing 0.47% at 1.3077 and a surpass of 1.3130 (high Apr.19) would open the door to 1.3202 (high Apr.16) and then 1.3229 (50% of Feb-Apr slide).
On the downside, a break below 1.2997 (MA21d) would expose 1.2954 (low Apr.24) and then 1.2944 (MA200d).
“Stability in commodity prices is helping EUR sentiment, while we continue to see peripheral bond yields move lower. An ECB rate cut may help boost expectations around a recovery in economic activity but it is hard to see it being viewed as a positive for the currency. EUR/USD should be capped ahead of 1.3200”, suggested the research team at Westpac.
At the moment, the cross is advancing 0.47% at 1.3077 and a surpass of 1.3130 (high Apr.19) would open the door to 1.3202 (high Apr.16) and then 1.3229 (50% of Feb-Apr slide).
On the downside, a break below 1.2997 (MA21d) would expose 1.2954 (low Apr.24) and then 1.2944 (MA200d).