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Forex: EUR/USD retraces gains, around 1.3270

By FXstreet.com,  January 02, 2013, 01:49:00 AM EDT

FXstreet.com (Barcelona) - After hitting the 1.3300 figure, the single currency has given away part of those early gains and is trading back to the 1.3270 region on Tuesday.

On the last minute, the US 'fiscal cliff' has been temporarily averted after the US Senate and the House of Representatives has approved a bill directed to avoid the impact of the cliff. "For now the conditions seem right for a moderate celebratory rally in risk assets (however brief), and we would be reluctant to fight this just yet", writes strategist Gareth Berry at UBS.

As of writing, the cross is up 0.48% at 1.3268 with the next resistance at 1.3284 (high Dec.27).
On the flip side, a breach of 1.3168 (low Dec.28) would bring 1.3156 (low Dec.18) and 1.3144 (low Dec.17).




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

Referenced Stocks:



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