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Euro | WorldWideMarkets

Posted by Joseph Trevisani on Mar 1, 2013 2:44:00 PM

The euro, at 1.3020, continues to maintain a foothold over 1.3000, after dipping to a new 2013 low of 1.2967 (lowest level since December 11th when the  pair hit 1.2925). The market went short on the break of the prior 2013 lows near 1.2998, expecting that 1.2950 (barrier talk) would eventually give way. With no followthrough and the week-end in front of us, players have pared positions, which has caused the latest run-up, according to several traders. The euro will have to get back over 1.3050 to prompt a new wave of short-covering, they say.

Support at 1.2950 and 1.2875

Resistance at 1.3050

MNI & WWM

Chart: Bloomberg

ScreenHunter 688 Mar. 01 14.53 resized 600

 

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