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19 Mar 2013
Forex: EUR/USD continues limited by 1.2965/75 supply
FXstreet.com (Barcelona) - EUR/USD remains with price capped at the 1.2965/75 intra-day supply area, mentioned earlier at the NY close, following news that Cyprus and the Eurozone agreed to soften the bank deposit tax after evidence that the Cypriot government wouldn't win parliamentary majority for a Yes vote.
According to Valeria Bednarik, chief analyst at FXstreet.com: "While a definition on Cyprus levy may take up to Thursday, investors will remain reluctant to buy the euro, and range will likely dominate the pair."
Sean Lee, founder at FXWW, notes: "EUR/USD has yet to close its opening gap from yesterday back to 1.3050 and dealers report that selling interest overnight on the approach to 1.3000 was quite heavy. Support levels were similarly strong near 1.2870/80 yesterday and this looks like being the pivotal level for the next medium term move."
According to Valeria Bednarik, chief analyst at FXstreet.com: "While a definition on Cyprus levy may take up to Thursday, investors will remain reluctant to buy the euro, and range will likely dominate the pair."
Sean Lee, founder at FXWW, notes: "EUR/USD has yet to close its opening gap from yesterday back to 1.3050 and dealers report that selling interest overnight on the approach to 1.3000 was quite heavy. Support levels were similarly strong near 1.2870/80 yesterday and this looks like being the pivotal level for the next medium term move."