Forex: EUR/USD continues limited by 1.2965/75 supply

FXstreet.com (Barcelona) - EUR/USD remains with price capped at the 1.2965/75 intra-day supply area, mentioned earlier at the NY close, following news that Cyprus and the Eurozone agreed to soften the bank deposit tax after evidence that the Cypriot government wouldn't win parliamentary majority for a Yes vote.

According to Valeria Bednarik, chief analyst at FXstreet.com: "While a definition on Cyprus levy may take up to Thursday, investors will remain reluctant to buy the euro, and range will likely dominate the pair."

Sean Lee, founder at FXWW, notes: "EUR/USD has yet to close its opening gap from yesterday back to 1.3050 and dealers report that selling interest overnight on the approach to 1.3000 was quite heavy. Support levels were similarly strong near 1.2870/80 yesterday and this looks like being the pivotal level for the next medium term move."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

RELATED TOPICS