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Euro | WorldWideMarkets

Posted by Joseph Trevisani on Feb 27, 2013 1:00:00 PM

The euro had been languishing around 1.3100 for two hours. Traders seemed unable to find a catalyst to move the currency one way or another. Part of the problem is that both sides have been emptied of orders. Short positions were excised in the run-up from 1.3066 to1.3128, the last legs of which from 1.3110 to the top saw very little volume. The brief spell above 1.3110 saw no appetite to take the euro higher and the sparse action meant that there was no base for a further surge.

When in doubt take a cue from the fundamentals. The negativse for the euro increased dramatically over the weekend with the Italian election, that  may sway the market as trading winds down in the afternoon.

WorldWidemarkets

 

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