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13 Mar 2013
Forex: EUR/USD recovers ground but holds below 1.3000
After hitting a fresh 3-month low of 1.2930, weighed by the growing divergence between the US and the eurozone economy, EUR/USD managed to recover ground during the American afternoon as sentiment improved and stocks turned positive in Wall Street.
However, the EUR/USD bounce has been capped by the 1.2970 area so far and the pair is currently trading around 1.2960, still down 0.5% on the day.
On the upside, the 1.3000 mark should offer immediate resistance, followed by 1.3080 (Mar 12 high) and 1.3130/35 (100-day SMA/Mar 8 high). On the downside, supports could be found at 1.2930 (Mar 13 low), 1.2900 (psychological level) and 1.2880 (Dec 7 low).
However, the EUR/USD bounce has been capped by the 1.2970 area so far and the pair is currently trading around 1.2960, still down 0.5% on the day.
On the upside, the 1.3000 mark should offer immediate resistance, followed by 1.3080 (Mar 12 high) and 1.3130/35 (100-day SMA/Mar 8 high). On the downside, supports could be found at 1.2930 (Mar 13 low), 1.2900 (psychological level) and 1.2880 (Dec 7 low).