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26 Feb 2013
Forex: EUR/USD waits for Bernanke below 1.3200
The bloc currency continues to navigate the area below the key resistance at 1.3200 on Tuesday, ahead of the testimony of Chief B.Bernanke before the US Congress.
“In view of the fiscal consolidation that could hit the US this spring, it is likely that Fed President Bernanke will restate his dovish credentials during his Senate Banking Testimony this afternoon”, commented Jane Foley, Chief Currency Strategist at Rabobank.
At the moment, the cross is up 0.15% at 1.3083 facing the immediate resistance at 1.3123 (MA100d) followed by 1.3319 (high Feb.25) and then 1.3389 (MA21d).
On the downside, a break below 1.3018 (low Jan.7) would accelerate the descent to 1.2998 (low Jan.4) and finally 1.2996 (low Dec.12).
“In view of the fiscal consolidation that could hit the US this spring, it is likely that Fed President Bernanke will restate his dovish credentials during his Senate Banking Testimony this afternoon”, commented Jane Foley, Chief Currency Strategist at Rabobank.
At the moment, the cross is up 0.15% at 1.3083 facing the immediate resistance at 1.3123 (MA100d) followed by 1.3319 (high Feb.25) and then 1.3389 (MA21d).
On the downside, a break below 1.3018 (low Jan.7) would accelerate the descent to 1.2998 (low Jan.4) and finally 1.2996 (low Dec.12).