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19 Mar 2013
Forex Flash: EUR/USD risks choppy swings on Cyprus headlines – TD Securities
FXstreet.com (Barcelona) - TD Securities analysts consider the EUR reaction to Cyprus important to track: “So far for EUR/USD, strong support near 1.2880/1.2900 provided a solid floor through yesterday’s session and the pair has since just consolidated in a narrow range”, wrote analysts Shaun Osborne and Greg Moore, pointing to significant support from a longer term perspective (200-day moving average and important trend support on the weekly chart) “which means a clear break could signal more sustainable losses”.
“The EUR essentially remains more of a neutral range trade as long as it holds above that level—and below 1.31—although Cyprus developments provide a clear opportunity to breach those thresholds”, wrote the analysts, pointing to risk of choppy swings on headlines.
“The EUR essentially remains more of a neutral range trade as long as it holds above that level—and below 1.31—although Cyprus developments provide a clear opportunity to breach those thresholds”, wrote the analysts, pointing to risk of choppy swings on headlines.