23 Jul 2013
EUR/USD unable to retest 1.3200 level
FXstreet.com (New York) - The EUR/USD foreign exchange rate was unable to move above the 1.3200 level during US trading, having peaked earlier at 1.3208 (daily high), lacking the impetus to make the jump.
As such, the EUR/USD has been rebuffed by the 1.3200 region, recently trading at 1.3187 and operating nearly unchanged from its opening. Briefing the technicals, the pair remains fortified by support at 1.3149, ahead of 1.3111, and 1.3075. Conversely, an uptick will open up resistances at 1.3223, onto 1.3258, notes the Mataf.net analyst team.
In the United States, the Housing Price Index (MoM) grew +0.7% in May, against expectations of +0.8%. Meanwhile, earlier today the Redbook Index (MoM) (July 14) climbed +0.9%, compared with a result of +0.8% previously. Finally, the Redbook Index (YoY) (July 14) was reported at +3.3%, relative to +3.0% previously.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD continues to creep slowly higher and has reached the 1.3208 high charted on the 11th July. This leaves our outlook unchanged and the intraday charts continue to suggest that there is scope for a move towards the 78.6% Fibonacci retracement at 1.3275. The market stays bid above 1.30 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low.”
As such, the EUR/USD has been rebuffed by the 1.3200 region, recently trading at 1.3187 and operating nearly unchanged from its opening. Briefing the technicals, the pair remains fortified by support at 1.3149, ahead of 1.3111, and 1.3075. Conversely, an uptick will open up resistances at 1.3223, onto 1.3258, notes the Mataf.net analyst team.
In the United States, the Housing Price Index (MoM) grew +0.7% in May, against expectations of +0.8%. Meanwhile, earlier today the Redbook Index (MoM) (July 14) climbed +0.9%, compared with a result of +0.8% previously. Finally, the Redbook Index (YoY) (July 14) was reported at +3.3%, relative to +3.0% previously.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD continues to creep slowly higher and has reached the 1.3208 high charted on the 11th July. This leaves our outlook unchanged and the intraday charts continue to suggest that there is scope for a move towards the 78.6% Fibonacci retracement at 1.3275. The market stays bid above 1.30 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low.”