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25 Feb 2013
Forex: EUR/USD approaching Thursday's high of 1.3290
The EUR/USD continues extending higher as the European session unfolds and after regaining the 1.3200 handle. The pair is already above Friday's high of 1.3245 and is getting closer to Thursday's high of 1.3290. Investors will have to face the downward trend line drawn since Feb-1 high (1.3711).
On focus is the Italian election today, while tomorrow we'll have Fed's Bernanke giving his semi-annual testimony. On today's economic calendar is US Chicago Fed and Dallas Fed indexes, as well as German Buba Weidmann's speech, at 15:30 GMT.
Last Friday’s Doji may signal basing attempt, however, “break above range top at 1.3243 is seen as initial requirement, with regain of more significant 1.3300, previous base and near 50% of 1.3431/1.3144, required to confirm”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to bearish continuation through 1.3144, also 90 day MA, to open 1.3100 and 1.3061, 50% of 1.2660 /1.3710 upleg.
On focus is the Italian election today, while tomorrow we'll have Fed's Bernanke giving his semi-annual testimony. On today's economic calendar is US Chicago Fed and Dallas Fed indexes, as well as German Buba Weidmann's speech, at 15:30 GMT.
Last Friday’s Doji may signal basing attempt, however, “break above range top at 1.3243 is seen as initial requirement, with regain of more significant 1.3300, previous base and near 50% of 1.3431/1.3144, required to confirm”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to bearish continuation through 1.3144, also 90 day MA, to open 1.3100 and 1.3061, 50% of 1.2660 /1.3710 upleg.