Back
11 Mar 2013
Forex: EUR/USD reluctant at 1.3000
Reluctance is the key word for the market movement as this week starts. The EUR/USD has been trading around the 1.3000 psychological level and between the 1.2980/1.3025 range as the market consolidates last week's moves, particularly Friday's plunge on the US nonfarm payrolls.
Italy GDP contracted -0.9% in Q4 (QoQ) as expected, but didn't actual annualized Q4 data came in at -2.8%, instead of the expected -2.7%, after the Q3 being revised lower from -2.7% to -2.8%. The Greek GDP improved from -6.9% to -5.7% in Q4 (YoY).
“The fact that the price rebounded from the minimum doesn’t mean it’s strong enough to make a reverse. I think today the pair may grow up a little bit to reach the level of 1.0335 and then reach a new minimum again, this time at 1.2940”, wrote Roboforex.com analyst Igor Sayadov, expecting then a reversal with targets at 1.3190 and 1.3400.
Italy GDP contracted -0.9% in Q4 (QoQ) as expected, but didn't actual annualized Q4 data came in at -2.8%, instead of the expected -2.7%, after the Q3 being revised lower from -2.7% to -2.8%. The Greek GDP improved from -6.9% to -5.7% in Q4 (YoY).
“The fact that the price rebounded from the minimum doesn’t mean it’s strong enough to make a reverse. I think today the pair may grow up a little bit to reach the level of 1.0335 and then reach a new minimum again, this time at 1.2940”, wrote Roboforex.com analyst Igor Sayadov, expecting then a reversal with targets at 1.3190 and 1.3400.