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1 Apr 2013
Forex: EUR/USD above 1.2800, ECB eyed
FXstreet.com (Barcelona) - The single currency keeps the 1.2800 handle on Monday, ahead of the ECB meeting due later in the week, with market consensus expecting the bank commanded by M.Draghi to leave the refi rate intact at 0.75%.
Elwin de Groot, Analyst at Raboban, comments “Whilst the recent deprecation of the euro could provide some fresh support for the Eurozone manufacturing and export sector going forward, recent developments in Cyprus may put another dent in confidence among businesses and households in the near-term. As such, the economic recovery process is likely to remain painstakingly slow in the months ahead, if there is any recovery at all”.
As of writing, the pair is up 0.08% at 1.2817 facing the next hurdle at 1.2884 (MA200d) followed by 1.3050 (high Mar.25) and then 1.3163 (high Feb.28).
On the other hand, a breach of 1.2751 (low Mar.27) would bring 1.2730 (low Nov.19).
Elwin de Groot, Analyst at Raboban, comments “Whilst the recent deprecation of the euro could provide some fresh support for the Eurozone manufacturing and export sector going forward, recent developments in Cyprus may put another dent in confidence among businesses and households in the near-term. As such, the economic recovery process is likely to remain painstakingly slow in the months ahead, if there is any recovery at all”.
As of writing, the pair is up 0.08% at 1.2817 facing the next hurdle at 1.2884 (MA200d) followed by 1.3050 (high Mar.25) and then 1.3163 (high Feb.28).
On the other hand, a breach of 1.2751 (low Mar.27) would bring 1.2730 (low Nov.19).