Forex - EUR / USD: The Euro continues to flow, the key threshold of 1.31 in the crosshairs
(ProfesseurForex) – After a technical rebound as a result of profit taking that night, the pair has again lost ground to get a new low since March 15. We are 70 pips from the lowest of mid-February. The current is very bearish and the last bracket of 1.30 tested in mid-March might not be long if upward pressure on bond markets of Spain and Italy continue next week.
The pair was moving so down at the opening of London but rebounded within one hour before finally plunging towards 1.31 Dollar. The market then watched the bond of France.
rates up slightly (against a continuous decline these last weeks) were confirmed not only that, the rates are correlated with the rate Italians Spaniards, but also the French rate (to a lesser extent, of course, but the German rates fell today at the same time …). So the market continued to sell to depress the dollar threshold of 1.31.
At noon on steeper decline than expected German industrial production does not impact far beyond the market and the pair bounced up even slightly opening the U.S. market.
At 14:30, the weekly numbers of good jobs in the United States sank the nail and the pair went for a new low on the threshold of 1.3035 dollar. Indeed, unemployment claims have reached a low of four years.
A technical rebound was beginning then, without a significant new high is taken, however.
Finally, note that Christine Lagarde today began its Stations of the Cross in Washington today to increase the capacity of the IMF to complete the firewall European. While the situation seems to deteriorate in the Euro Zone, a gesture of welcome to the IMF will restore confidence in April. The IMF combo-MES could be used faster than you think when rates harden again in Spain, Italy and Portugal.
From a graphical perspective, the fall of the Euro is fast this week and the area of ??1.31 should certainly be tested in the coming days. The Easter weekend may give some respite to the euro tomorrow but do not forget we have some statistics in France and above the monthly unemployment rate in the United States.
The pair evolves around 1.3065 on the forex.
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