11:00 GMT (Global-View.com) Feb 29 - Mixed skies again for the EURUSD as the market digests the LTRO results. This has seen the euro weaken on its crosses, creating a mixed picture for the dollar. So far EURUSD remains within the 1.34-1.35 no man’s land. Key levels are at 1.3485-86 (double top) and 1.3365 (this week’s low and 23.6%). Next up is Bernanke’s testimony.How it closes the day may be more important than where it trades intraq-day in setting the tone into the new month.
Jay Meisler's Daily Forex WeatherMap
Feb 29, 2012 EURUSD (Current rate: 1.3440, O/N Range 1.3485 -1.3425)
Outlook: Attention now shifts to Bernanke’s testimony at 15:00 GMT and dollar will likely see a limit on its upside ahead of it. EURUSD outlook is harder to call with the failure to reach 1.35 standing out as it will need to be firmly taken out for the recovery to have further legs. On the downside, 1.3365 (this week’s low and 23.,6% of 1.2973-1.3486 and 1.3303 (100 day mva) are key levels. This is why I call 1.34-1.35 a no man’s land. )
Range:
Resistance:
1.3550
1.3500
1.3485
1.3425
1.3388
1.3350-65
Support:
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