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2 Apr 2013
Forex: EUR/USD breaks higher on the back of a broad USD move
FXstreet.com (Barcelona) - EUR/USD has recently broken to the upside in a broad selling USD move, finding resistance so far at fresh weekly highs 1.2870, few pips shy of yesterday's highs. The rally comes in the back of a Yen push higher to fresh 1-month highs and Nikkei selling off for second consecutive day in this new fiscal year in Japan.
The area where EUR/USD is finding resistance at the moment is the base of the descending channel the pair built back in early Feb when starting the down leg has brought the pair to recent fresh 2013 lows at double 1.2750 last week, ahead of key ECB meeting this coming Thursday. Later on Europe will open doors following a long 4-day weekend closed for Eastern.
Immediate resistance to the upside for EUR/USD shows at recent session/weekly highs 1.2871, followed by March 18/21 lows at 1.2880, and March 26 highs at 1.2890. To the downside, closest support lies at recent session lows 1.2833, followed by March 25/26 lows at 1.2824, and March 29 lows at 1.2790.
The area where EUR/USD is finding resistance at the moment is the base of the descending channel the pair built back in early Feb when starting the down leg has brought the pair to recent fresh 2013 lows at double 1.2750 last week, ahead of key ECB meeting this coming Thursday. Later on Europe will open doors following a long 4-day weekend closed for Eastern.
Immediate resistance to the upside for EUR/USD shows at recent session/weekly highs 1.2871, followed by March 18/21 lows at 1.2880, and March 26 highs at 1.2890. To the downside, closest support lies at recent session lows 1.2833, followed by March 25/26 lows at 1.2824, and March 29 lows at 1.2790.