Challenging the resistance at 1.3023.
- EUR/USD is challenging its strong resistance at 1.3023 (25/10/2012 high, see also declining trendline). An hourly support is at 1.2968 (30/11/2012 low). A key support is at 1.2875 (intraday low).The underlying trend is negative (see declining trendline linking the May 2011 high with the August 2011 high on a daily chart). Therefore we expect limited upside potential from current prices. MIG BANK comment of the day
-------------------------------------------------------------------------------------------------------------------NAB strategists take a look at the relationship between EUR/USD and the Spanish-German/German-US yield spread, saying the correlation remains strong. "If these trends are maintained, it is realistic to think about EUR/USD re-testing the 1.3172 mid-September high in the coming week or so" the bank notes.NAB strategists take a look at the relationship between EUR/USD and the Spanish-German/German-US yield spread, saying the correlation remains strong. "If these trends are maintained, it is realistic to think about EUR/USD re-testing the 1.3172 mid-September high in the coming week or so" the bank notes . NAB BANK comment of the day. -
