25 Oct 2013
EUR/USD keeps on testing 1.3820, break allows 1.3865
FXstreet.com (Barcelona) - EUR/USD has spiked over 25 pips in a matter of minutes ahead of the European session, clearing the congestive 1.38 area only to find continuous selling interest near 1.3820 resistance.
There is some timid talk among market participants that Bank of Korea may be behind the move aimed at recycling USD after an alleged intervention to buy sizeable amounts of US Dollars vs the Korean Won.
The offers-plagued area of 1.3820 remains the main hurdle to surpass by the EUR/USD in order to expand gains into Friday. So far, the area has proven quite resilient, after being rejected in several occasions during Thursday's trading.
Referring to the key area at 1.3825 (61.8% of 1.4939/1.2041), Jim Langlands, Principal at FXCharts, thinks "is going to be tough to break but if /when this happens, then 1.3867 (4 Nov 2011 high) will be the next hurdle, beyond which there is further minor resistance at around 1.3920."
There is some timid talk among market participants that Bank of Korea may be behind the move aimed at recycling USD after an alleged intervention to buy sizeable amounts of US Dollars vs the Korean Won.
The offers-plagued area of 1.3820 remains the main hurdle to surpass by the EUR/USD in order to expand gains into Friday. So far, the area has proven quite resilient, after being rejected in several occasions during Thursday's trading.
Referring to the key area at 1.3825 (61.8% of 1.4939/1.2041), Jim Langlands, Principal at FXCharts, thinks "is going to be tough to break but if /when this happens, then 1.3867 (4 Nov 2011 high) will be the next hurdle, beyond which there is further minor resistance at around 1.3920."