FX forecast for Apr. 13

- [EUR/USD:] The euro is in search of the direction to follow, after Sunday’s news somewhat rehabilitated confidence in the European currency, Financial Brains director PhD Sveatoslav Mihalache has told Info-Prim Neo. On Sunday the Eurozone finance ministers agreed upon an aid package of €30 billion for Greece, to which the IMF is expected to add €10-15 billion. This explains the euro’s leap on Monday from $1.33 to $1.37. However the market’s actors are still processing the news and have not yet decided which way to push the euro. Especially since this week promises to abound in macroeconomic indicators to be published and which could influence the EUR/USD pair. In the US alone the indicators to be published include the circulation of capital, processing industry, the real estate market, the Beige Book report, and more important, the retail sales, which will also shed light on the US labor market and consumer confidence. It is expected that these indicators could fortify the dollar against the European currency. Technically, the support levels over this week will be situated at: $1.3515; $1.3470; $1.3430; $1.3368; and $1.3280. The resistance levels stand at $1.3685; $1.3740; and $1.3840. The Financial Brains consider that if any day this week closes below the $1.35 level, this will be a sign that Monday’s appreciation of the euro was just an euphoric reaction and the euro could further go down. That is why it is advised to stay away from the market for a couple of days to mull the situation. [USD/MDL:] After the holidays, one can observe the dollar’s tendency towards the predicted level of 12.55 – 12.60 lei. Today the currency exchange facilities will buy dollars at 12.40 – 12.43 lei and will sell them at 12.51 – 12.53 lei. [EUR/MDL:] The euro is expected to buy at 16.83 – 16.85 lei and sell at around 17.00 lei. For further details visit www.fb.md or www.financialbrains.eu