22 Jul 2013
EUR/USD stabilizing around 1.3180-1.3200
FXstreet.com (Edinburgh) -The EUR/USD is now consolidating today’s advance in the 1.3180/1.3200 band as the US session is slowly drawing to a close.
EUR/USD focus on 1.3200
Market participants continue to digest the miserable results from the US housing sector during June, which catapulted the pair to fresh 5-week highs around 1.3220. In the opinion of Camilla Sutton, Strategist at Scotiabank, the near term outlook for the pair is now bullish “as MACD, RSI, and near-term trend indicators suggest continued gains. A break of the July 11th high at 1.3207 would provide additional confirmation for upward movement, which has already been somewhat confirmed by the break of the 61.8% Fibonacci retracement level of the decline from late June to early July. Downside support is expected at 1.3103”.
EUR/USD levels to watch
At the moment the pair is advancing 0.36% at 1.3187 and a surpass of 1.3255 (high Jun.21) would target 1.3261 (76.4% of 1.3417-1.2755) en route to 1.3302 (high Jun.20). On the downside, the initial support lies at 1.3115 (low Jul.22) followed by 1.3093 (cloud base) and finally 1.3089 (low Jul.19).
EUR/USD focus on 1.3200
Market participants continue to digest the miserable results from the US housing sector during June, which catapulted the pair to fresh 5-week highs around 1.3220. In the opinion of Camilla Sutton, Strategist at Scotiabank, the near term outlook for the pair is now bullish “as MACD, RSI, and near-term trend indicators suggest continued gains. A break of the July 11th high at 1.3207 would provide additional confirmation for upward movement, which has already been somewhat confirmed by the break of the 61.8% Fibonacci retracement level of the decline from late June to early July. Downside support is expected at 1.3103”.
EUR/USD levels to watch
At the moment the pair is advancing 0.36% at 1.3187 and a surpass of 1.3255 (high Jun.21) would target 1.3261 (76.4% of 1.3417-1.2755) en route to 1.3302 (high Jun.20). On the downside, the initial support lies at 1.3115 (low Jul.22) followed by 1.3093 (cloud base) and finally 1.3089 (low Jul.19).