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Forex: EUR/USD erases losses on NY

By FXstreet.com,  January 07, 2013, 09:53:00 AM EDT

FXstreet.com (Barcelona) - Despite the empty economic calendar ahead in the US session (besides of Canada Ivey PMI), the EUR/USD was brought back to the opening area (1.3068) after trading lower since early Asian session, with a low printed at 1.3017.

Former World Bank chief economist Justin Yiifu Lin expects China economy to grow around 8% each year over the next twenty years, according to Forexlive.com analyst Jamie Coleman. He also added that Spanish Prime Minister Rajoy will announce the sovereign funding strategy tomorrow morning.

"The downtrend from 1.3310 is already over with last week's low at 1.2997 and the intraday outlook is positive, for a rise towards 1.3125 resistance area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to major support below the dynamic projection at 1.2960 is seen at 1.2880.




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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