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Forex Trading: London Market Wrap

Posted by Chris Advincula on Apr 11, 2013 7:27:00 AM

April 11 Thursday 11:30 GMT

EURO

The euro surged to 1.3133 from 1.3055 (+78 points) against the declining dollar and  broke the intraday high of 1.3108. The euro rose through stop levels at 1.3085 and broke through the 1.3110 resistance with relative ease as demand for the risk currencies returned.

The broad weakness of the yen combined with the lower dollar propelled euro, sterling, Australian Dollar and New Zealand Dollar higher as theUS Dollar fell in Europe from the recent slowdown in job growth in the U.S. despite the somewhat optimistic review of the FOMC minutes yesterday.

European stocks rose modestly for a fourth day and Italian bonds advanced and borrowing costs fell at today’s auction of 7.17 billion euros as the radical monetary easing in Japan prompted investors to buy riskier assets for better returns.

The German DAX is +34.50 points to 7,847.92 (+0.45%), Euro Stoxx is +2.09 points to 2,665.94 (+0.17% and FTSE is +21.90 points to 6,414.54 (+0.42%) as of 11:00 GMT.

The 21-day moving average rose to 1.3115 from 1.3055. The 90-day moving average rose to 1.3085 from 1.3057. The next resistance levels are: 1.3148 and 1.3163.

Chris Advincula

Market Strategist

WorldWideMarkets, Ltd.

 

euro.4.11 resized 600

Chart: FXTrek.com

 

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