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Forex Flash: EUR/USD recovery rests on feet of clay - Commerzbank

By FXstreet.com,  October 05, 2012, 07:15:00 AM EDT

FXstreet.com (Barcelona) - Although not saying much about the OMT and keeping everything unchanged, the ECB press conference was able to send the EUR/USD above the 1.3000 mark, where it still says ahead of the NFP. "Draghi repeated several times that the activation of the OMT was now up to the governments", wrote analyst Thu Lan Nguyen, stating that attention has now shifted to Spain and Italy, which governments are still reluctant to ask for help. Therefore, the situation on the markets is likely to remain tense. "As a result the recovery in EUR-USD rests on feet of clay", Nguyen added, pointing to resistance at 1.3150 and much scope on the downside towards 1.2800.




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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