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COZfx: EUR/USD trading near 5-week highs

Discussion in 'Analisa Fundamental' started by harryer, Jul 30, 2013.

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  1. harryer

    harryer Member

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    COZforex: The euro was steady against the US dollar on Monday, hovering near five-week highs as markets eyed the release of US data and as investors remained cautious ahead of upcoming policy statements by the Federal Reserve and the European Central Bank.

    EUR/USD hit 1.3274 amid late Asian trade, the session low; the pair subsequently consolidated at 1.3275, easing 0.04%. Coz forex senior derivatives trader Daniel • Moloney said, EUR/USD is predicted to find support at 1.3258, and a drop through could take it to the next support line of 1.3232. Meanwhile, the pair is predicted to find its first resistance at 1.3304, and a rose through could take it to the next resistance line of 1.3324.

    Euro-zone officials approved the transfer of €4 billion of funding to Greece and Euro-zone governments are expected to approve disbursement by today. On the economic front, Germany released its import price index data which registered a larger-than-expected 2.2% annual decline in June, whereas France posted a better-than-expected rise in consumer confidence in July.

    A separate report showed that the euro zone composite purchasing managers’ index rose to 50.4 in the current month from 48.7 in June, sparking optimism that the bloc’s economy could emerge from a recession in the third quarter.

    Markets were jittery after mixed US economic reports last week fuelled further uncertainty over whether the Fed will soon begin to scale back its bond-buying program.

    Later in the day, the U.S. was to produce industry data on pending home sales.

    (COZ forex UK)
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