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29 May 2013
EUR/USD eyes 1.2900 ahead of German CPI
FXstreet.com (Barcelona) - The shared currency keeps the buoyancy on Wednesday, paring yesterday’s losses and leaving behind lows in the vicinity of 1.2830 after US better consumer confidence in May.
Against the backdrop of the next ECB meeting, Currency Analyst David Song at DailyFX commented, “The central bank may also purchase Asset-Backed Securities (ABS) in the coming months in order to encourage private sector lending, but the non-standard measure may have a limited impact in lifting the real economy as the region continues to face record-high unemployment along with a slowdown in consumption”.
EUR/USD is now up 0.26% at 1.2886 with the next resistance at 1.2950 (high May 28) followed by 1.2968 (MA21d) and then 1.2994 (high May 24). On the downside, a drop beyond 1.2821 (low May 23) would clear the way to 1.2809 (low May 20) en route to 1.2796 (low May 17).
Against the backdrop of the next ECB meeting, Currency Analyst David Song at DailyFX commented, “The central bank may also purchase Asset-Backed Securities (ABS) in the coming months in order to encourage private sector lending, but the non-standard measure may have a limited impact in lifting the real economy as the region continues to face record-high unemployment along with a slowdown in consumption”.
EUR/USD is now up 0.26% at 1.2886 with the next resistance at 1.2950 (high May 28) followed by 1.2968 (MA21d) and then 1.2994 (high May 24). On the downside, a drop beyond 1.2821 (low May 23) would clear the way to 1.2809 (low May 20) en route to 1.2796 (low May 17).