Market Moving News: EUR/USD

By IBTimes Staff Reporter | March 15 2010 12:35 AM

EUR/USD - 1.3677.. The tug-of-war between euro bears & bulls drags on as either side lacks conviction to push the single ccy outside recent trading band of 1.3433-1.3736. Although y'day's good buying interest at 1.3621/26 has lifted euro n price edged 2-ticks higher abv NY high to 1.3690 at Asian opening, st specs trimmed long positions after yen carry trades were unwound. As euro has continued to move higher fm this week's 1.3537 low, strategic shorts are increasingly feeling edgy n may close positions when euro moves abv 1.3705 n 1.3736 where stops have been placed abv there. Buying interest has been raised to 1.3640/50 with a mixture of bids & stops below 1.3615/20. Buying euro on dips is favoured but if price can't take out 1.3705 res, beware of broad-based selling in NY.

Sponsorship Link