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Forex: EUR/USD presses up on Spanish debt auction

By FXstreet.com,  November 20, 2012, 06:06:00 AM EDT

FXstreet.com (Barcelona) - As the Spanish authorities sold almost €5B, more than the targeted €3.5-4.5B, of 12-month Letras (yield of 2.797%, lower than previous 2.823%) and 18-month Letras (yield of 3.034%, little higher than previous 3.022%), the EUR/USD pressed the highs again, spiking to 1.2823.

Also in the back of the "risk on" was ECB's Coeure stating that a significant improvement on the financial markets has been seen since July, but compared Europe's situation to Japan of the 90's. Yesterday's high of 1.2820 continues to make resistance against an extension of the upside.

"With 4h chart studies indicating further recovery, sustained break above 1.2800 to open next strong resistance zone at 1.2880/1.2900, with interim barrier at 1.2843, Fib 38.2% of 1.3138/1.2660 descend", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to support at 1.2760 zone (Fib 38.2% of 1.2660/1.2818 upleg).




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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