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1 Mar 2013
Forex: EUR/USD testing January lows, around 1.3020/25
The bloc currency continues its relentless march south on Friday, hovering over the area of 1.3020/25, levels last seen in early January, as momentum in the risk-off tone is mounting.
“The Sequester in the US kicks in and even though there still remain some negative near-term risk factors for EUR/USD, we think that the main part of the correction should be behind us now and we still look for EUR/USD to move higher in three to six months’ time”, suggested Chief Economist at Danske Bank, Jens P. Sorensen.
At the moment, the pair is down 0.27% at 1.3021 with the next support lying at 1.2998 (2013 low Jan.4) ahead of 1.2996 (low Dec.12) and then 1.2929 (low Dec.11).
On the flip side, a surpass of 1.3100 (psychological level) would bring 1,3163 (high Feb.28) and finally 1.3200 (psychological level).
“The Sequester in the US kicks in and even though there still remain some negative near-term risk factors for EUR/USD, we think that the main part of the correction should be behind us now and we still look for EUR/USD to move higher in three to six months’ time”, suggested Chief Economist at Danske Bank, Jens P. Sorensen.
At the moment, the pair is down 0.27% at 1.3021 with the next support lying at 1.2998 (2013 low Jan.4) ahead of 1.2996 (low Dec.12) and then 1.2929 (low Dec.11).
On the flip side, a surpass of 1.3100 (psychological level) would bring 1,3163 (high Feb.28) and finally 1.3200 (psychological level).