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12 Jul 2013
EUR/USD falls to support at 50-day SMA
FXstreet.com (New York) - The EUR/USD foreign exchange rate has remained entrenched in negative territory, trading in a rangebound consolidation that has yet to relinquish the key 1.3000 barrier Friday.
At the time of writing, the EUR/USD is now navigating the region of 1.3038, suffering from a rather staunch decline of -0.45% during US trading. Given the recent weakness below the 200-day SMA, the pair will now look to supports at 1.3036 (50-day SMA), followed by 1.3013 (July 11 low), and ultimately 1.2992 (July 4 low).
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has had a roller coaster of a week, refusing to stabilize near a particular region. Rallies have cleared the 1.3060/1.3103 resistance and in doing so have neutralized the immediate outlook. The Elliot wave count on the 60 minute chart is suggesting that there is scope for further strength, but that the market is likely to struggle to make much impact beyond the 1.3208 high we have just seen.”
At the time of writing, the EUR/USD is now navigating the region of 1.3038, suffering from a rather staunch decline of -0.45% during US trading. Given the recent weakness below the 200-day SMA, the pair will now look to supports at 1.3036 (50-day SMA), followed by 1.3013 (July 11 low), and ultimately 1.2992 (July 4 low).
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has had a roller coaster of a week, refusing to stabilize near a particular region. Rallies have cleared the 1.3060/1.3103 resistance and in doing so have neutralized the immediate outlook. The Elliot wave count on the 60 minute chart is suggesting that there is scope for further strength, but that the market is likely to struggle to make much impact beyond the 1.3208 high we have just seen.”