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EURUSD stable in late Asian trade, January 8 2013

ForexZig.com January 8, 2013
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EURUSD

The euro was stable against the greenback in EURUSD today after the finance minister of Japan announced that Tokyo is going to purchase bonds from the European Stability Mechanism, the euro zone’s constant bailout fund.

The euro marked consecutive increase during the Monday trading session, closing at levels of 1.3115.

During the late Asian trade, currency pair EURUSD hit the level 1.3140, highest level for this pair since January 3, afterwards it consolidated at 1.3117.

The pair EURUSD was expected to meet support at 1.3016, bottom from, and resistance at 1.3189, the peak of January 3.

The euro was highly supported after the  Japanese Finance Minister Taro Aso announced that his government would purchase bonds issued by the ESM aiming to help stabilizing the financial situation in the bloc.

Overall market sentiment was still intensive amid uncertainty about continuing political wrangling in Washington over further U.S. budget cuts and increasing the U.S. debt ceiling.

The euro was traded higher against the pound, with EURGBP reaching the level 0.8153, but went lower against the yen, with EURJPY trading at 114.70.

Later this day, the euro zone is expected to publish official data on retail sales and the unemployment rate, while Germany is about to release official data on factory orders.

EURUSD

EURUSD, H1

Levels of support: 1.2660, 1.2876, 1.3016;
Levels of resistance: 1.3189;

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