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27 Jun 2013
EUR/USD ticking higher post bank bail-in deal
FXstreet.com (Barcelona) - The EUR/USD is softly expanding its correction to higher ground, with the last exchange rate being negotiated at 1.3018, new session highs.
EU FinMin struck deal on banking resolution
The deal among EU Finance Ministers on the 'bail-in' rules, announced just minutes ago, has given short term traders an excuse to provide the pair a short-term upward bias through the early going of the Asian session.
Sellers are in control
The slow-motion corrective move off 3 ½ -week low is developing in a clear corrective fashion, an indication that the market is still not in the mood to participate in any major recovery. Amid this bearish context, the downside is still the main risk for the sessions to come, as notes Valeria Bednarik, Chief Analyst at FXstreet.com. Key resistance, as observed by Bednarik, "is now around 1.3060, 61.8% retrac of its latest daily run, while 1.2980 is the support to break to see further downside momentum."
EU FinMin struck deal on banking resolution
The deal among EU Finance Ministers on the 'bail-in' rules, announced just minutes ago, has given short term traders an excuse to provide the pair a short-term upward bias through the early going of the Asian session.
Sellers are in control
The slow-motion corrective move off 3 ½ -week low is developing in a clear corrective fashion, an indication that the market is still not in the mood to participate in any major recovery. Amid this bearish context, the downside is still the main risk for the sessions to come, as notes Valeria Bednarik, Chief Analyst at FXstreet.com. Key resistance, as observed by Bednarik, "is now around 1.3060, 61.8% retrac of its latest daily run, while 1.2980 is the support to break to see further downside momentum."