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11 Feb 2013
Forex: EUR/USD eased further after French data
The bloc currency remained almost indifferent after the industrial production in France expanded 0.1%, bettering expectations of a 0.2% drop during December, albeit below November’s +0.5%.
“We had previously looked for 1.36-1.38, perhaps 1.40. Now we look for a return to range-trading until the data starts to improve further, or indeed, we face turmoil from Italian or Spanish politics or the 1 Mar US sequester. We look for a 1.3250-1.36 range for coming weeks”, writes the team research at NAB.
At the moment, the cross is up 0.04% at 1.3375 facing the next resistance at 1.3462 (high Feb.5) ahead of 1.3510 (MA10d) and then 1.3577 (high Feb.7).
On the flip side, a breach of 1.3349 (low Jan.25) would bring1.3265 (low Jan.23) and finally 1.3215 (Lower Bollinger).
“We had previously looked for 1.36-1.38, perhaps 1.40. Now we look for a return to range-trading until the data starts to improve further, or indeed, we face turmoil from Italian or Spanish politics or the 1 Mar US sequester. We look for a 1.3250-1.36 range for coming weeks”, writes the team research at NAB.
At the moment, the cross is up 0.04% at 1.3375 facing the next resistance at 1.3462 (high Feb.5) ahead of 1.3510 (MA10d) and then 1.3577 (high Feb.7).
On the flip side, a breach of 1.3349 (low Jan.25) would bring1.3265 (low Jan.23) and finally 1.3215 (Lower Bollinger).