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1 Mar 2013
Forex: EUR/USD testing weekly lows around 1.3020
The pessimism surrounding the single currency is intensifying on Friday, dragging the cross to fresh intraday lows in the proximity of 1.3020/25 after the jobless rate in the euro area rose to 11.9% in January, missing the median and previous print at 11.8%. In the same direction, the flash CPI rose at an annualized rate of 1.8% in January, below December’s 2.0%.
Across the pond, an interesting USD calendar would keep the euro under pressure, as PCE, manufacturing PMI, ISM manufacturing and the Reuters/Michigan CSI are due.
As of writing, the pair is losing 0.19% at 1.3032 with the next support at 1.3018 (low Feb.26) followed by 1.2998 (low Jan.4) and then 1.2998 (low Dec.12).
On the flip side, a breakout of 1.3100 (psychological level) would expose 1.3163 (high Feb.28) and then psychological level at 1.3200
Across the pond, an interesting USD calendar would keep the euro under pressure, as PCE, manufacturing PMI, ISM manufacturing and the Reuters/Michigan CSI are due.
As of writing, the pair is losing 0.19% at 1.3032 with the next support at 1.3018 (low Feb.26) followed by 1.2998 (low Jan.4) and then 1.2998 (low Dec.12).
On the flip side, a breakout of 1.3100 (psychological level) would expose 1.3163 (high Feb.28) and then psychological level at 1.3200