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Forex: EUR/USD erases daily losses but ends the week lower

By FXstreet.com,  January 04, 2013, 02:30:00 PM EDT

FXstreet.com (Córdoba) - The shared currency reversed earlier losses versus the greenback, and having bounced from below 1.3000, it managed to climb back to the 1.3070 during the American afternoon. EUR/USD however, failed to extend its recovery above that level, and has spent the last hours in sideways consolidation.

EUR/USD came under pressure this week after touching 1.3300 on Wednesday, as the US budget deal euphoria evaporated and weighed by the Fed minutes, which showed some members think as appropriate to end the bond-buying programs before the end of 2013.

At time of writing, EUR/USD is trading at the 1.3050 zone, virtually unchanged on the day but down 1.2% this week. "Price action remains suppressed by resistance via the 1.3125 December 5th session high, which is dampening any advances on the 1.3200", says Richard Lee, analyst at FXstreet.com. "As a result, expect 1.2942 to be tested in the near term".

Looking ahead, the ECB will decide on monetary policy for the first time in 2013 next Thursday, but it is expected to leave its policy unchanged.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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