3 Jul 2013
EUR/USD retreats off highs
FXstreet.com (New York) - The EUR/USD technical pair recently retreated off its intraday highs at 1.2985 Wednesday, stonewalling a recovery attempt and exacerbating losses.
Earlier today in the United States, the Trade Balance came in at $-45.03B in May, missing expectations of $-40.10B. In addition, Initial Jobless Claims (June 29) were reported at 343K, slightly exceeding estimates that called for 345K. Finally, Continuing Jobless Claims (June 22) yielded 2.933M, vs. projections of 2.987M.
EUR/USD back in negative territory
In light of the recent pullback, the EUR/USD is now back in negative territory at 1.2969, still down -0.05% during US trading. Consistent with the calculations of the Danske Research Team, the EUR/USD will face supportive means at 1.2934. Alternatively, a movement higher will initiate resistances at 1.3014, onto 1.3040.
EUR/USD fortified by April lows at 1.2740
According to Karen Jones, an Analyst at Commerzbank, “The EUR/USD remains under pressure having failed to make much impression on the 200-day MA at 1.3072. The market is poised t encounter support at 1.2931/1.2885, the 55-week MA and the 2012-2013 uptrend and 78.6% retracement. We suspect this will hold the initial test ahead of losses to 1.2796, then the 1.2740 April low.”
Earlier today in the United States, the Trade Balance came in at $-45.03B in May, missing expectations of $-40.10B. In addition, Initial Jobless Claims (June 29) were reported at 343K, slightly exceeding estimates that called for 345K. Finally, Continuing Jobless Claims (June 22) yielded 2.933M, vs. projections of 2.987M.
EUR/USD back in negative territory
In light of the recent pullback, the EUR/USD is now back in negative territory at 1.2969, still down -0.05% during US trading. Consistent with the calculations of the Danske Research Team, the EUR/USD will face supportive means at 1.2934. Alternatively, a movement higher will initiate resistances at 1.3014, onto 1.3040.
EUR/USD fortified by April lows at 1.2740
According to Karen Jones, an Analyst at Commerzbank, “The EUR/USD remains under pressure having failed to make much impression on the 200-day MA at 1.3072. The market is poised t encounter support at 1.2931/1.2885, the 55-week MA and the 2012-2013 uptrend and 78.6% retracement. We suspect this will hold the initial test ahead of losses to 1.2796, then the 1.2740 April low.”