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Forex Trading: Euro held steady at 1.3170 in early Europe

Posted by Chris Advincula on Apr 17, 2013 1:53:00 AM

April 17 Wednesday 6:00 GMT


EURO SUMMARY: Euro-dollar broke above key tech resistance from the 55-day ma and extended sharp gains on fixing demand. The pair took out stops through $1.3155 and $1.3170 to print highs of $1.3202, but with lack of follow through pared light gains to close in NY at $1.3180. Euro-dollar volumes were light in Asia overnight with trade tied to a narrow $1.3171-91 range.

Despite strong demand in the crosses, predominantly in euro-yen, the rate only managed light gains as traders noted of strong offers into $1.3200 from macro/corporate names. Rate
pared gains throughout the Asian afternoon to $1.3171, before demand in the dip
cushioned lifting to $1.3180 ahead of Europe.

On the topside stop buy orders noted on a break of $1.3205, with more through $1.3220, tech resistance behind at $1.3227 (50% of $1.3711-1.2743.

On the downside support at $1.3157/50(100-day ma, former 38.2% of $1.4940-1.2043, stops on a break of $1.3140 ahead of bids into $1.3125/20 ($1.3121/20 - 55 & 5-day ma's).

 

Market News International

euro.4.17.2pm resized 600

Chart: FXTrek.com

 

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