Back
9 Aug 2013
EUR/USD sidelined
FXstreet.com (Barcelona) - EUR/USD has been sidelined working in a tight range. The US session might see a test toards the 1.3400 handle but expectaions are cuatiouse ahead of the weekend on a quiet calader and in summertime markets.
EUR/USD has been a very lethargic play this morning. We had seen the pair testing the support line and eyes 1.3360 earlier while Eastern European names were selling on the open taking the pair lower and away from the 1.3400 handle. However, the overall tone is bid and especially in a non pro dollar environment. “The improving cyclical momentum in Europe has helped narrow yield spreads in the near-term with the US allowing the euro and pound to strengthen modestly”, said research teams at The Bank of Tokyo-Mitsubishi UFJ. There has been some demand on the desks that has taken the pair back towards opening levels where further supply from European corporates came in to define the tight range. As we enter NA, the pair is attempting 1.3480 again.
EUR/USD might attempt resistance 1.3417
EUR/USD “remains bid above the 1.3312 accelerated uptrend and only loss of last weeks low at 1.3188 will alleviate immediate upside pressure. Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold”, said Axel Rudolph, Senior Technical Analyst at Commerzbank. The 20 dma 1.3237, 50 dma 1.3166, 200 dma 1.3102. RSI (9) reads 68.06. Supports are ascending from 1.3290, 1.3323, 1.3353. Spot is currently 1.3377 while resistances are 1.3401, 1.3417, 1.3434 and 1.3456.
EUR/USD has been a very lethargic play this morning. We had seen the pair testing the support line and eyes 1.3360 earlier while Eastern European names were selling on the open taking the pair lower and away from the 1.3400 handle. However, the overall tone is bid and especially in a non pro dollar environment. “The improving cyclical momentum in Europe has helped narrow yield spreads in the near-term with the US allowing the euro and pound to strengthen modestly”, said research teams at The Bank of Tokyo-Mitsubishi UFJ. There has been some demand on the desks that has taken the pair back towards opening levels where further supply from European corporates came in to define the tight range. As we enter NA, the pair is attempting 1.3480 again.
EUR/USD might attempt resistance 1.3417
EUR/USD “remains bid above the 1.3312 accelerated uptrend and only loss of last weeks low at 1.3188 will alleviate immediate upside pressure. Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold”, said Axel Rudolph, Senior Technical Analyst at Commerzbank. The 20 dma 1.3237, 50 dma 1.3166, 200 dma 1.3102. RSI (9) reads 68.06. Supports are ascending from 1.3290, 1.3323, 1.3353. Spot is currently 1.3377 while resistances are 1.3401, 1.3417, 1.3434 and 1.3456.