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Forex Trading: Euro Halts at 1.3028

Posted by Joseph Trevisani on Apr 23, 2013 10:45:00 AM

The euro recovery faltered at 1.3028 bid, the 50% retracement of today's 1.2973-1.3084, range, after being dragged up via euro/yen as model type accounts cut short cross positions. 

Weak PMI data out of Europe earlier in the session and speculation that the ECB could ease rates at its May 2nd meeting are fostering offers in the 1.3045/50 area.

Initial support 1.2990 ahead of 40 day moving average (1.2988) with the main
support at 1.2960, the low since April 8th.

Market News International and WorldWideMarkets

 

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