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6 Aug 2013
EUR/USD touching 1.3300 and beyond
FXstreet.com (New York) - The EUR/USD foreign exchange rate moved to session highs Tuesday morning (1.3307), testing this key region during US trading.
In the United States, the Redbook Index (YoY) (July 28) grew +3.7%, relative to a figure of 2.9% previously. Moreover, the Redbook Index (MoM) (July 28) has yielded a figure of +1.0%, compared to +0.8% previously.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has started to ease lower and is essentially backing away from the 2013 resistance line currently at 1.3333 - directly overhead lies the 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
The EUR/USD has rallied throughout the previous sessions, rallying off an earlier low of 1.3246, having now tested the 1.3300 region in these moments. At this juncture the pair is up +0.27% above its opening and, the EUR/USD will look to test resistances at 1.3297, onto 1.3332, then 1.3364, notes the Mataf.net analyst team.
In the United States, the Redbook Index (YoY) (July 28) grew +3.7%, relative to a figure of 2.9% previously. Moreover, the Redbook Index (MoM) (July 28) has yielded a figure of +1.0%, compared to +0.8% previously.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has started to ease lower and is essentially backing away from the 2013 resistance line currently at 1.3333 - directly overhead lies the 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
The EUR/USD has rallied throughout the previous sessions, rallying off an earlier low of 1.3246, having now tested the 1.3300 region in these moments. At this juncture the pair is up +0.27% above its opening and, the EUR/USD will look to test resistances at 1.3297, onto 1.3332, then 1.3364, notes the Mataf.net analyst team.