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Forex: EUR/USD tests daily highs, 1.3280/90

By FXstreet.com,  March 23, 2012, 11:32:00 AM EDT

FXstreet.com (Barcelona) - The EUR/USD is trading back and forth during Friday trading, having rallied from 1.3200 to 1.3294 high during the European morning. Gradual retracement saw a ranging pair testing the 100-hour MA, at 1.3221, just before a new rally on the American session.

Weaker US new home sales came out ahead of Fed's Bernanke speech that is due at 17:45 GMT. The EUR/USD has jumped again, by 60 pips to test the daily highs at 1.3280/90 area. Rumors of a soon to be announced Chinese cut in bank reserves ratio are improving sentiment against the greenback.

"The recent low at 1.3133 was the final of the whole slide from 1.3284 and current bias is positive, for a rise towards 1.3360. Initial support is projected at 1.3250 and crucial area is projected at 1.3210", wrote Stoyan Mihaylov , analyst at Deltastock.com.




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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