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22 May 2013
EUR/USD workings its way higher thru 1.2920/40 supply
FXstreet.com (Barcelona) - The Euro is developing a fresh leg higher at the Tokyo open, sending the rate, for a third consecutive day, higher than its previous day highs. Current price stands at 1.2934, session high, from 1.2902 open.
As for the next potential moves, "the pair will likely range in the 1.2840/1.2950 area ahead of the FED, while clarifications on QE status will decide the trend from then on" says Valeria Bednarik, chief analyst at FXstreet.com.
From a supply/demand standpoint, the rise allows buyers to penetrate further into a layer of supply at 1.2920-40, tested twice since produced last May 15 through European trading.
As for the next potential moves, "the pair will likely range in the 1.2840/1.2950 area ahead of the FED, while clarifications on QE status will decide the trend from then on" says Valeria Bednarik, chief analyst at FXstreet.com.
From a supply/demand standpoint, the rise allows buyers to penetrate further into a layer of supply at 1.2920-40, tested twice since produced last May 15 through European trading.