5 Dec 2013
EUR/USD extends gains above 1.3650
FXstreet.com (Córdoba) - The EUR/USD rallied to fresh highs during the American session as the euro benefited in the aftermath of the ECB decision, Draghi speech and a raft of US data.
The EUR/USD broke above previous highs at the 1.3640 area and stretched to a fresh 5-week peak of 1.3667 in recent dealings following the release of US factory orders data, which came in near expectations. At time of writing, the pair is trading at the 1.3655 area, recording a 0.4% gain on the day.
EUR/USD technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds the positive bias, as price stands now above 1.3625, 61.8% retracement of its latest daily fall. "As long as above that level, the upside remains favored, with dips down to 1.3580 now attracting buyers", said Bednarik.
The analyst locates next resistance levels at 1.3690 and 1.3720, while she places supports at 1.3625, 1.3580 and 1.3550.
The EUR/USD broke above previous highs at the 1.3640 area and stretched to a fresh 5-week peak of 1.3667 in recent dealings following the release of US factory orders data, which came in near expectations. At time of writing, the pair is trading at the 1.3655 area, recording a 0.4% gain on the day.
EUR/USD technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds the positive bias, as price stands now above 1.3625, 61.8% retracement of its latest daily fall. "As long as above that level, the upside remains favored, with dips down to 1.3580 now attracting buyers", said Bednarik.
The analyst locates next resistance levels at 1.3690 and 1.3720, while she places supports at 1.3625, 1.3580 and 1.3550.