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19 Mar 2013
Forex: EUR/USD hovering over 1.2930/35, Cyprus eyed
FXstreet.com (Barcelona) - The sentiment surrounding the bloc currency remains depressed as the risk-off mode is posed to prevail in the markets ahead of the parliamentary vote in Cyprus.
“However, the longer the indecision lasts, the greater the risk that we see a more notable drop in EUR/USD as fears increase over a bank collapse or departure of Cyprus from the euro-zone”, suggested Derek Halpenny, Strategist at BTMU.
As of writing, the cross is losing 0.18% at 1.2934 with the next support at 1.2883 (low Mar.18) ahead of 1.2878 (low Dec.7) and finally 1.2872 (MA200d).
On the flip side, a breakout of 1.3009 (MA10d) would open the door to 1.3042 (high Mar.18) and then 1.3094 (MA21d).
“However, the longer the indecision lasts, the greater the risk that we see a more notable drop in EUR/USD as fears increase over a bank collapse or departure of Cyprus from the euro-zone”, suggested Derek Halpenny, Strategist at BTMU.
As of writing, the cross is losing 0.18% at 1.2934 with the next support at 1.2883 (low Mar.18) ahead of 1.2878 (low Dec.7) and finally 1.2872 (MA200d).
On the flip side, a breakout of 1.3009 (MA10d) would open the door to 1.3042 (high Mar.18) and then 1.3094 (MA21d).