EURUSD

by Ashraf Laidi

Feb 10, 2009 12:01

EURUSD consolidation is set to break out in medium term as ECB seeks to avoid telegraphing rate cuts beyond March. A breach of $1.3030 resistance in medium term is looming. USD downside risks underlined by record Treasury borrowing, which is boosting yields at expense of USD. Positive moving average cross-over (50 above 100) for the first time since July also provides technical basis along with bullish weekly stochastics. Breach of $1.3030 leads to $1.3080, followed by $1.3130.

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