FXstreet.com (Barcelona) - EUR/USD is on the rise in Asia, supposedly supported by first impressions on the US presidential debate, which saw S&P futures jump 0.35% higher as the market sees Romney as having won the debate. Current price is at 1.2925, near session highs, from earlier 1.2900.
John J Hardy, Head of FX Strategy, Saxo Bank, notes: "1.3000 looms as important resistance ahead of the rush of event risks from Thursday through Friday. Perhaps by the end of the week we will get a close either above 1.3000 or below 1.2800 and thus potentially set the direction for the weeks ahead. To the downside, the test and survival of the 200-day moving average enhances the 1.2800/20 area as the crucial short term support. Note the rising trendline as well."
John J Hardy, Head of FX Strategy, Saxo Bank, notes: "1.3000 looms as important resistance ahead of the rush of event risks from Thursday through Friday. Perhaps by the end of the week we will get a close either above 1.3000 or below 1.2800 and thus potentially set the direction for the weeks ahead. To the downside, the test and survival of the 200-day moving average enhances the 1.2800/20 area as the crucial short term support. Note the rising trendline as well."
