18 Jul 2013
EUR/USD breaks 1.32, needs to clear 1.3180
FXstreet.com (Barcelona) - The EUR/USD has succumbed through 1.31 round number in the last few minutes, extending its fall to 1.3092, as the market approaches the post Bernanke low at 1.3082.
Bernanke inconclusive
Traders were unable to clearly decipher yesterday's message by Fed Chairman Bernanke, who left the door wide open for interpretations about the timing of the taper. By the erratic of the EUR/USD price action, caution should be exercised.
EUR/USD technical outlook
The pair is building a daily range with parameters formed at 1.30-1.32. At the moment, the price is still exchanging hands at the higher half of the box, however, a break and hold below 1.3080 in the hourly would increase the pressure for a retest of 1.3050 ahead of 1.30 cement support. On the topside, only a recovery above 1.3130 allows to target 1.3170 ahead of 1.32.
Bernanke inconclusive
Traders were unable to clearly decipher yesterday's message by Fed Chairman Bernanke, who left the door wide open for interpretations about the timing of the taper. By the erratic of the EUR/USD price action, caution should be exercised.
EUR/USD technical outlook
The pair is building a daily range with parameters formed at 1.30-1.32. At the moment, the price is still exchanging hands at the higher half of the box, however, a break and hold below 1.3080 in the hourly would increase the pressure for a retest of 1.3050 ahead of 1.30 cement support. On the topside, only a recovery above 1.3130 allows to target 1.3170 ahead of 1.32.