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Euro | WorldWideMarkets

Posted by Joseph Trevisani on Feb 28, 2013 10:53:00 AM

Euro has fallen to its low of the day after repeated attemps to push higher, first at the 1.3160 level and then again at 1.3140. Stops below 1.3140 activated after the morning's upside failure and the subsequent return never reached the inception level.  A second more modest set of sell orders  below 1.3100 provided the  motive to the low of 1.3058. The rebound  has so far been limited to 1.3088.

The dollar has been supported by some better than expected  statistics including jobless claims, and the Chicago and Milwaukee ISM reports and traders have ignored the revision to fourth quarter GDP which at +0.1% from -0.1% was much weaker than the 0.5% forecast.

Moderate support at the 1.3060 level. Strong support at 1.3000 with stops below.



Charts: Bloomberg


eur 5 min resized 600


eur daily resized 600


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