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6 Feb 2013
Forex: EUR/USD finds bids around 1.3500
The euro found some buying interest around the key support at 1.3500 on Wednesday, lifting the cross to the current area in the proximities of 1.3530, as the risk aversion is giving away some ground.
As we get closer to the ECB gathering tomorrow, market analysts continue to echo their expectations. David Song, Currency Analyst at DailyFX, writes “Although the ECB is widely expected to keep the benchmark interest rate at 0.75%, we may see President M.Draghi strike a more dovish tone for monetary policy this time around, and the central bank head may talk up bets for a rate cut in an effort to steer the euro-area out of the recession”.
As of writing, EUR/USD is losing 0.36% at 1.3534 with the immediate support lying at 1.3459 (low Feb5) ahead of 1.3415 (low Jan.29) and then 1.3377 (MA21d).
On the upside, a climb beyond 1.3598 (high Feb.5) would aim for 1.3620 (intraday support Feb.4) and then 1.3660 (high Feb.4).
As we get closer to the ECB gathering tomorrow, market analysts continue to echo their expectations. David Song, Currency Analyst at DailyFX, writes “Although the ECB is widely expected to keep the benchmark interest rate at 0.75%, we may see President M.Draghi strike a more dovish tone for monetary policy this time around, and the central bank head may talk up bets for a rate cut in an effort to steer the euro-area out of the recession”.
As of writing, EUR/USD is losing 0.36% at 1.3534 with the immediate support lying at 1.3459 (low Feb5) ahead of 1.3415 (low Jan.29) and then 1.3377 (MA21d).
On the upside, a climb beyond 1.3598 (high Feb.5) would aim for 1.3620 (intraday support Feb.4) and then 1.3660 (high Feb.4).