Update on supports and resistances. ( 01/03/2012 07:09 )
Pivot: 1.3390.
Our Preference: SHORT positions @ 1.338 with targets @ 1.3315 & 1.329.
Alternative scenario: The upside penetration of 1.339 will call for a rebound towards 1.342 & 1.3485.
Comment: the pair is posting a rebound but stands below its new resistance.
Trend: ST Ltd Upside; MT Range
Key levels Comment
1.3485** Horizontal resistance
1.342** Horizontal resistance
1.339** Intrady pivot point
1.3345 Last
1.3315** Horizontal support
1.329** Horizontal support
1.3265** Horizontal support
Tips
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NEWS:
The euro dipped against the U.S. dollar on Thursday, after Federal Reserve Chairman Ben Bernanke dampened expectations for fresh easing measures and after the European Central Bank launched its second liquidity operation.
EUR/USD hit 1.3307 during late Asian trade, the pair’s lowest since February 23; the pair subsequently consolidated at 1.3318, inching down 0.05%.
The pair was likely to find support at 1.3230, the low of February 23 and resistance at 13485, Wednesday’s high.
In testimony to Congress on Wednesday, Bernanke acknowledged the recent improvement in the labor market and said that higher oil prices could push up inflation. However, Bernanke also said the central bank was prepared to adjust the balance sheet “as appropriate” to support the economic recovery.
Meanwhile, the euro remained under pressure after the ECB allotted EUR529.5 billion in three-year loans to 800 lenders in its second long-term refinancing operation on Wednesday, as concerns over the long-term effectiveness of the liquidity boost weighed.
The euro was almost unchanged against the pound, with EUR/GBP inching up 0.01% to hit 0.8372.
Later in the day, the euro zone was to produce final data on manufacturing activity, followed by a preliminary estimate of consumer price inflation and an official report on the unemployment rate. European Union leaders were to hold the first day of a two day summit meeting in Brussels.
The U.S. was to release government data on unemployment claims, while the Institute for Supply Management was to produce a report on manufacturing activity. In addition, Ben Bernanke was due to testify for a second day before Congress.
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