EUR/USD is trading at 1.3090 levels - ICICI Bank : Treasury Research

The common currency is trading at 1.3090 levels after gaining 0.92% in the previous trading session, on account of pared Fed QE tapering expectations. However, the currency gave up some of its gains yesterday after hitting an intraday high of 1.3201, on account of fundamental weakness in the Eurozone economy and persistent debt concerns.

The Portugal authorities have asked the troika to delay their bailout review amidst vulnerable political situation in the economy. The currency though has received some support from the Bundesbank President Weidmann's comments that the ECB is not tied by its forward guidance and that the Central Bank might resort to rate hikes if the inflation situation deteriorates.

The markets await the industrial production print due later today. The intraday trend for the Euro is bullish, with support and resistance at 1.3050 and 1.3131 respectively.

Source : Equity Bulls

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