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Monday, March 12, 2007
EUR/USD: Caught in Cross-Fire but Weaker
Fresh risk aversion trades are pounding the JPY crosses, but with GBP/JPY a bigger victim than EUR/JPY at the moment, EUR/GBP is buffering the EUR/USD slide. 1.3140 is next support for EUR/USD as it eases from growing resistance at 1.3185. Dealers note talk that 1.3200 barriers are linked to fresh 1.2800/1.3200 DNT plays. EUR/USD trades at 1.3153.
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