3 Jul 2013
EUR/USD closing the day around 1.3000
FXstreet.com (Edinburgh) - The EUR/USD is stabilizing around the key level at 1.3000 towards the end of the trading day on Wednesday, retracing gains after hitting intraday highs near 1.3040.
EUR/USD vs. ECB
The bloc currency would remain under pressure ahead of tomorrow’s ECB meeting, where market consensus rules out any changed of the refi rate. However, all the attention is on President Draghi’s press conference, with traders expecting a dovish tone to prevail. According to Camilla Sutton, Strategist at Scotiabank, confirms the bank’s bearish outlook in the near term, as all the studies remain in the sell territory. The expert adds “We expect further near-term EUR downside (with tomorrow’s ECB the looming risk). Support lies at the psychologically important 1.2900 and resistance is at the 100‐day MA at 1.3056”.
EUR/USD relevant levels
As of writing the pair is now advancing 0.18% at 1.3002 with the next resistance at 1.3055 (MA100d) followed by 1.3078 (high Jul.2) and finally 1.3103 (high Jun.28). On the flip side, a breakdown of 1.2923 (low Jul.3) would open the door to 1.2859 (weekly cloud top) and then 1.2838 (low May 29).
EUR/USD vs. ECB
The bloc currency would remain under pressure ahead of tomorrow’s ECB meeting, where market consensus rules out any changed of the refi rate. However, all the attention is on President Draghi’s press conference, with traders expecting a dovish tone to prevail. According to Camilla Sutton, Strategist at Scotiabank, confirms the bank’s bearish outlook in the near term, as all the studies remain in the sell territory. The expert adds “We expect further near-term EUR downside (with tomorrow’s ECB the looming risk). Support lies at the psychologically important 1.2900 and resistance is at the 100‐day MA at 1.3056”.
EUR/USD relevant levels
As of writing the pair is now advancing 0.18% at 1.3002 with the next resistance at 1.3055 (MA100d) followed by 1.3078 (high Jul.2) and finally 1.3103 (high Jun.28). On the flip side, a breakdown of 1.2923 (low Jul.3) would open the door to 1.2859 (weekly cloud top) and then 1.2838 (low May 29).