Back
15 Apr 2013
Forex: EUR/USD finishes the week +1.06%, resistance at 1.3150 still in focus
FXstreet.com (Barcelona) - The EUR/USD finished sharply higher for a second straight week, closing up 138 pips at 1.3110. The pair is now up 2.42% in just the last two weeks. Dip buyers stepped in take advantage of early weakness during the New York session, with the pair establishing firm support near the 1.3040 level which held firm on numerous attempts and helped the pair drift higher later in the day. The pair is currently up 4 pips in early Asia trade at 1.3114.
“In the week ahead, Draghi appears before the European Parliament. In addition Eurozone CPI and German ZEW will be released. If the former falls lower than its flash estimate for March inflation of 1.7%y/y, it will increase fears that the renewed slowdown in the Eurozone's economy will trigger a monetary response from the ECB, noted Mansoor Mohi-uddin of UBS
From a technical perspective, resistance near the 1.3150 (100 DMA) area continues to be the key pivot to watch on the upside. A trade above this level could open the doors to 1.3201 (daily upper pivot), followed by 1.3289 (weekly upper pivot). First support is at 1.3065 (daily pivot low), followed by 1.3020 (daily lower pivot).
“In the week ahead, Draghi appears before the European Parliament. In addition Eurozone CPI and German ZEW will be released. If the former falls lower than its flash estimate for March inflation of 1.7%y/y, it will increase fears that the renewed slowdown in the Eurozone's economy will trigger a monetary response from the ECB, noted Mansoor Mohi-uddin of UBS
From a technical perspective, resistance near the 1.3150 (100 DMA) area continues to be the key pivot to watch on the upside. A trade above this level could open the doors to 1.3201 (daily upper pivot), followed by 1.3289 (weekly upper pivot). First support is at 1.3065 (daily pivot low), followed by 1.3020 (daily lower pivot).