2 Jul 2013
EUR/USD threatening 1.3000
FXstreet.com (Edinburgh) - The bearishness surrounding the shared currency continues to punish the EUR/USD on Tuesday, dragging the pair to another test of the critical support at 1.3000.
EUR/USD looks to the ECB
Undoubtedly the biggest event for the bloc currency will be the ECB gathering on Thursday, as much has been said already regarding negative rates, the adoption of forward guidance and else. in the view of Sebastien Galy, Strategist at Societe Generale, “This rising divergence between the ECB and Fed should help EUR/USD to break lower suggesting a strategy of selling on rallies. Touring Europe, the only debate regarding the ECB easing was whether the September German election mattered. The latest polls give CDU/CSU a significant lead, while Merkel has high popularity ratings”.
EUR/USD levels to watch
As of writing, the pair is losing 0.49% at 1.2999 and a breakdown of 1.2990 (low Jul.2) would expose1.2985 (low Jun.26) and finally 1.2958 (daily cloud base). On the flip side, resistance levels align at 1.3078 (high Jul.2) followed by 1.3103 (high Jun.28) and then 1.3115 (MA30d).
EUR/USD looks to the ECB
Undoubtedly the biggest event for the bloc currency will be the ECB gathering on Thursday, as much has been said already regarding negative rates, the adoption of forward guidance and else. in the view of Sebastien Galy, Strategist at Societe Generale, “This rising divergence between the ECB and Fed should help EUR/USD to break lower suggesting a strategy of selling on rallies. Touring Europe, the only debate regarding the ECB easing was whether the September German election mattered. The latest polls give CDU/CSU a significant lead, while Merkel has high popularity ratings”.
EUR/USD levels to watch
As of writing, the pair is losing 0.49% at 1.2999 and a breakdown of 1.2990 (low Jul.2) would expose1.2985 (low Jun.26) and finally 1.2958 (daily cloud base). On the flip side, resistance levels align at 1.3078 (high Jul.2) followed by 1.3103 (high Jun.28) and then 1.3115 (MA30d).