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15 Apr 2013
Forex: EUR/USD rebounds after EMU trade data
FXstreet.com (Barcelona) - The single currency regained the area around 1.3075/80 after the trade surplus in the euro area for the month of February widened to €10.4 billion from January’s deficit of €4.7 billion (revised).
Greg Gibbs, FX Trading Strategist at RBS, commented, “Political and fiscal pressures in Europe will remain high if the recovery is too slow to get growth in the region back towards potential. Over time, persistently high unemployment may become a bigger issue. But for now crisis fears and stress in European capital markets is low. This may help keep EUR stable for the near term”.
The pair is now down 0.32% at 1.3074.
Next support levels line up at 1.3036 (low Apr.12) followed by 1.3006 (low Apr.9) and then 1.2980 (MA10d).
On the upside, a break above 1.3138 (high Apr.11) would bring 1.3140 (MA55d) and finally 1.3150 (MA100d).
Greg Gibbs, FX Trading Strategist at RBS, commented, “Political and fiscal pressures in Europe will remain high if the recovery is too slow to get growth in the region back towards potential. Over time, persistently high unemployment may become a bigger issue. But for now crisis fears and stress in European capital markets is low. This may help keep EUR stable for the near term”.
The pair is now down 0.32% at 1.3074.
Next support levels line up at 1.3036 (low Apr.12) followed by 1.3006 (low Apr.9) and then 1.2980 (MA10d).
On the upside, a break above 1.3138 (high Apr.11) would bring 1.3140 (MA55d) and finally 1.3150 (MA100d).