According to Fan Yang, CMT and Chief Technical Strategist at FXTimes, the pair is likely to keep on the rise as “is confirming the breakout and suggests further correction to the upside,” with “the next resistance pivots can be seen at 1.3080, then 1.32,” he says. In the other hand: “We also have a pivot at 1.3150 ( Sept 2011 low). If the market respects this pivot and dips, we are still very much in a bearish mode, especially seeing that the RSI reading in the daily chart has not broken above 60.” Key support for him would sit around the 1.2880 level.
For the day ahead biggest risk event will be the Ecofin meetings ending today, with still not an agreement between Greece and the PSI to be found that pleases EU chancellors, who want a coupon on the new Greek bonds well bellow the 4% the PSI is wanting to accept. Along, there will be plenty of other minor data EUR related coming out thru all London session, including flash French and German PMI, as well as EUR industrial new orders due at 10:00 GMT among others. Also, Netherlands will sell 2013 and 2042 bonds at 09:00 GMT, while half hour later Spain will follow course selling 3 and 6 month bills.
With Asian markets half closed for New Lunar Year holidays, including China and Singapore, thin volumes seen in Tokyo leave Nikkei index barely above even at +0.18% at the moment, after opening with a gap higher reaching highs around +0.60%.
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