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12 Aug 2013
EUR/USD momentum building for push above 1.3300?
FXstreet.com (New York) - The EUR/USD foreign exchange rate has effectively bottomed out earlier at the 1.3277 level (session low), only to rebound during US trading and move back towards 1.3300.
At this juncture, the EUR/USD is now navigating the region of 1.3300, still incurring a fall of -0.18% off its opening despite the recent recovery. Briefing the technicals, the EUR/USD is trading at support at 1.3304, a break of which will open up additional means at 1.3282, and 1.3239.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD last week rallied to and stalled at the 200-week MA and the June high at 1.3394/1.3417. There is little to suggest that the market will maintain a break beyond here. Nonetheless the market remains bid above the 1.3337 accelerated uptrend and only loss of the nearby low at 1.3188 will alleviate immediate upside pressure. Failure here will target the 1.3000 region. Loss of this zone is needed to re-target the 1.2755/40 recent low and April low.”
At this juncture, the EUR/USD is now navigating the region of 1.3300, still incurring a fall of -0.18% off its opening despite the recent recovery. Briefing the technicals, the EUR/USD is trading at support at 1.3304, a break of which will open up additional means at 1.3282, and 1.3239.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD last week rallied to and stalled at the 200-week MA and the June high at 1.3394/1.3417. There is little to suggest that the market will maintain a break beyond here. Nonetheless the market remains bid above the 1.3337 accelerated uptrend and only loss of the nearby low at 1.3188 will alleviate immediate upside pressure. Failure here will target the 1.3000 region. Loss of this zone is needed to re-target the 1.2755/40 recent low and April low.”