19 Jul 2013
EUR/USD climbs near 1.3140 on China
FXstreet.com (Edinburgh) -The single currency quickly left the area around the critical support at 1.3000 and pushed the EUR/USD to try the boundaries of 1.3140 after Chinese announcements.
EUR/USD propped up by PBoC
The PBoC announced that it would scrap the lending rates’ floor as part of the reforms in the financial sector, boosting the pair and accelerating the risk-on trade on Friday. “We continue to see EURUSD as rich at these levels and remain better sellers. We would reassess if we see a clean break of 1.32 however”, recommended analysts at TD Securities.
EUR/USD key levels
At the moment the pair is up 0.12% at 1.3127 with the next resistance at 1.3179 (high Jul.17) ahead of 1.3208 (high Jul.11) and finally 1.3255 (high Jun.21). On the downside, a breach of 1.3089 (low Jul.19) would expose 1.3065 (cloud base) and then 1.3051 (low Jul.16).
EUR/USD propped up by PBoC
The PBoC announced that it would scrap the lending rates’ floor as part of the reforms in the financial sector, boosting the pair and accelerating the risk-on trade on Friday. “We continue to see EURUSD as rich at these levels and remain better sellers. We would reassess if we see a clean break of 1.32 however”, recommended analysts at TD Securities.
EUR/USD key levels
At the moment the pair is up 0.12% at 1.3127 with the next resistance at 1.3179 (high Jul.17) ahead of 1.3208 (high Jul.11) and finally 1.3255 (high Jun.21). On the downside, a breach of 1.3089 (low Jul.19) would expose 1.3065 (cloud base) and then 1.3051 (low Jul.16).