Back
13 Feb 2013
Forex: EUR/USD rallies above 1.3500 after talks of G-20
After pressing higher during the European morning, the EUR/USD finally returned to the 1.3500, hitting several market orders that allowed a move to 1.3520. The same reasoning is applied for the quick plunge to 1.3480 that followed. The pair continues to surround the 1.3500 handle.
Ahead of the G-20 meeting, German officials are hoping that the other members back the G-20 statement given on Tuesday about the currency exchange debate, adding that Germany will continue pushing for structural reforms in the Eurozone and globally, and that there is need for more international financial market regulation.
The economic calendar will provide the release of US import and export prices, retail sales, business inventories and a 10-year note auction. US Treasury Secretary Nominee Lew will speak at 15:00 GMT.
“The recent break beyond 1.3429 resistance signals a bullish intraday bias, but while 1.3577 high is still intact, the downtrend from 1.3710 will remain focused on 1.3260 area”, wrote Deltastock.com analyst Stoyan Mihaylov, favoring a reversal below 1.3500, for a slide through the key intraday support at 1.3410, towards 1.3260.
Ahead of the G-20 meeting, German officials are hoping that the other members back the G-20 statement given on Tuesday about the currency exchange debate, adding that Germany will continue pushing for structural reforms in the Eurozone and globally, and that there is need for more international financial market regulation.
The economic calendar will provide the release of US import and export prices, retail sales, business inventories and a 10-year note auction. US Treasury Secretary Nominee Lew will speak at 15:00 GMT.
“The recent break beyond 1.3429 resistance signals a bullish intraday bias, but while 1.3577 high is still intact, the downtrend from 1.3710 will remain focused on 1.3260 area”, wrote Deltastock.com analyst Stoyan Mihaylov, favoring a reversal below 1.3500, for a slide through the key intraday support at 1.3410, towards 1.3260.