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5 Aug 2013
EUR/USD downside contained at 1.3245 region
FXstreet.com (New York) - The EUR/USD technical pair retreated towards the 1.3243 level (intraday low) in recent moments, rebounding off this level during US trading.
The datawires this morning in the US session look rather muted, outside the ISM non-manufacturing PMI at 14:00 GMT. Earlier today, the tone out of Europe was quite positive, with the advent of better-than-expected EMU Markit PMI and Retail Sales.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD held relatively steady below the 2013 resistance line currently at 1.3336 - directly overhead lies key resistance at 1.3346/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure. Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure.”
EUR/USD technical levels
At the time of writing, the EUR/USD is presently operating at 1.3255 Monday. Technically speaking, the EUR/USD is testing support at 1.3258, and remains fortified by additional measures at 1.3232, and 1.3188. Alternatively, a movement to the upside will be tempered by a resistances at 1.3294, onto 1.3318.
The datawires this morning in the US session look rather muted, outside the ISM non-manufacturing PMI at 14:00 GMT. Earlier today, the tone out of Europe was quite positive, with the advent of better-than-expected EMU Markit PMI and Retail Sales.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD held relatively steady below the 2013 resistance line currently at 1.3336 - directly overhead lies key resistance at 1.3346/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure. Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure.”
EUR/USD technical levels
At the time of writing, the EUR/USD is presently operating at 1.3255 Monday. Technically speaking, the EUR/USD is testing support at 1.3258, and remains fortified by additional measures at 1.3232, and 1.3188. Alternatively, a movement to the upside will be tempered by a resistances at 1.3294, onto 1.3318.