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Forex: EUR/USD sideways after Italian bond auction

By FXstreet.com,  January 11, 2013, 06:04:00 AM EDT

FXstreet.com (Barcelona) - The European session didn't bring any particular direction to the market as it still digests yesterday's 200-pip surge on ECB's Draghi upbeat speech. The EUR/USD was able to print a new high, at 1.3284, but stayed off any upside.

After yesterday's successful bond auction in Spain, the Italian government went to the well today and benefited from this new risk sentiment, achieving its lowest yields since March on the 3-year debt, at 1.85% (€3.5B sold). The Portuguese CPI inflation report remained at 1.9% as expected in December.

"Consolidative action under 1.3300 on overbought near-term studies is now under way, with further corrective action not ruled out", wrote Windsor Brokers analyst Slobodan Drvenica, expecting 1.3200 to hold dips and targeting 1.3380 (Apr 2012 highs) and 1.3400 mark.




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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