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13 May 2013
Forex: EUR/USD edges higher to 1.2978/79
FXstreet.com (Barcelona) - The EUR/USD has turned positive, despite earlier setbacks that dragged the cross into the depths of 1.2952 (intraday low) Monday. However, this weakness proved to be short-lived, with the pair now modestly rising to 1.2978/79 in these moments, en route to a +0.05% gain during European trading.
According to Gareth Berry, a Research Analyst at UBS, Friday’s sell-off stalled exactly at the strong support at 1.2936. Meanwhile, a closing break below would be a bearish development, triggering a deeper sell-off to 1.2746.
Conversely, resistance is at 1.3051 ahead of 1.3194.
In terms of data, in Portugal, Consumer Price Index (YoY) grew at a rate of +0.2% in April, compared with a figure of +0.5% previously. Moreover, Consumer Price Index (MoM) was unchanged at 0.0% in April, relative to +1.7% in the previous month.
According to Gareth Berry, a Research Analyst at UBS, Friday’s sell-off stalled exactly at the strong support at 1.2936. Meanwhile, a closing break below would be a bearish development, triggering a deeper sell-off to 1.2746.
Conversely, resistance is at 1.3051 ahead of 1.3194.
In terms of data, in Portugal, Consumer Price Index (YoY) grew at a rate of +0.2% in April, compared with a figure of +0.5% previously. Moreover, Consumer Price Index (MoM) was unchanged at 0.0% in April, relative to +1.7% in the previous month.