8 Aug 2013
EUR/USD rally intact, around 1.3360
FXstreet.com (Edinburgh) -The shared currency keeps the good mood on Thursday, with the EUR/USD marching north around the area of 1.3355/60.
EUR/USD focus on 1.3417
The weekly charts show a solid support area below 1.2800 during the present year, while the band of 1.3400/20 would be capping upside attempts (high June 29th at 1.3417). A continuation of the EUR rally could well see these levels surpassed in the near term, helped by the uncertainty regarding the Fed’s taper of QE and the incipient recovery in the bloc. Karen Jones, Head of FICC Technical Analysis at “has started to erode the 2013 resistance line currently at 1.3327… Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure. Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold”
EUR/USD levels to watch
The pair is now advancing 0.18% at 1.3362 facing the next resistance at 1.3417 (high Jun.19) ahead of 1.3456 (high Feb.14) and then 1.3481 (76.4% of 1.3711-1.2740). On the downside, a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level).
EUR/USD focus on 1.3417
The weekly charts show a solid support area below 1.2800 during the present year, while the band of 1.3400/20 would be capping upside attempts (high June 29th at 1.3417). A continuation of the EUR rally could well see these levels surpassed in the near term, helped by the uncertainty regarding the Fed’s taper of QE and the incipient recovery in the bloc. Karen Jones, Head of FICC Technical Analysis at “has started to erode the 2013 resistance line currently at 1.3327… Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure. Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold”
EUR/USD levels to watch
The pair is now advancing 0.18% at 1.3362 facing the next resistance at 1.3417 (high Jun.19) ahead of 1.3456 (high Feb.14) and then 1.3481 (76.4% of 1.3711-1.2740). On the downside, a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level).