19 Jul 2013
EUR/USD challenging highs above 1.3150
FXstreet.com (Edinburgh) - There it goes the EUR/USD and another attempt to escalate further on Friday, against a backdrop of thin trade as US docket is non-existent and the weekend is looming.
EUR/USD keeps the advance alive
The pair is closing the second consecutive week with gains, and it is worth mentioning that it was testing ytd lows around 1.2750 on July 9th pre-FOMC minutes. Recall, however, that the main trigger behind the steep upside was a combination of extreme USD positioning and a dovish stance by Chairman Bernanke, hammering the greenback. “The EURUSD… continues to trade just below key resistance between 1.3180 - 1.3245 area. If the market pushes up into this resistance zone in the next two days, we will watch closely for price action sell signals on the 4 hour or daily charts to trade back down toward support, as this market is basically in a large trading range right now between resistance near 1.3200 and support down at 1.2750.”, noted Nial Fuller, Analyst at Learn To Trade The Market.
EUR/USD key levels
At the moment the pair is up 0.20% at 1.3136 with the next resistance at 1.3179 (high Jul.17) ahead of 1.3208 (high Jul.11) and finally 1.3255 (high Jun.21). On the downside, a breach of 1.3089 (low Jul.19) would expose 1.3065 (cloud base) and then 1.3051 (low Jul.16).
EUR/USD keeps the advance alive
The pair is closing the second consecutive week with gains, and it is worth mentioning that it was testing ytd lows around 1.2750 on July 9th pre-FOMC minutes. Recall, however, that the main trigger behind the steep upside was a combination of extreme USD positioning and a dovish stance by Chairman Bernanke, hammering the greenback. “The EURUSD… continues to trade just below key resistance between 1.3180 - 1.3245 area. If the market pushes up into this resistance zone in the next two days, we will watch closely for price action sell signals on the 4 hour or daily charts to trade back down toward support, as this market is basically in a large trading range right now between resistance near 1.3200 and support down at 1.2750.”, noted Nial Fuller, Analyst at Learn To Trade The Market.
EUR/USD key levels
At the moment the pair is up 0.20% at 1.3136 with the next resistance at 1.3179 (high Jul.17) ahead of 1.3208 (high Jul.11) and finally 1.3255 (high Jun.21). On the downside, a breach of 1.3089 (low Jul.19) would expose 1.3065 (cloud base) and then 1.3051 (low Jul.16).