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12 Aug 2013
EUR/USD dips below 1.3280
FXstreet.com (Edinburgh) -The shared currency prolongs its intraday decline on Monday, driving the EUR/USD to a test of fresh multi-day lows in sub 1.3280 levels.
EUR/USD bullish sentiment fading?
The ongoing weakness in the EUR coupled with the recent failure to clear the 1.3400 handle might prompt investors to think that a correction lower is at hand. The slew of US data ahead in the week would prove critical for euro bulls, as the docket in the euro area lacks of relevance. “ While the market was disappointed two weeks ago that the ECB did not give more definite guidance, from current levels, of the EUR it is hard to see positive data surprises having much positive impact on EUR”, commented Greg Gibbs, Strategist at RBS.
EUR/USD levels to watch
As of writing the pair is losing 0.31% at 1.3279 and a breakdown of 1.3266 (low Aug.7) would open the door to 1.3246 (low Aug.6) and then 1.3233 (low Aug.5). On the upside, the initial resistance aligns at 1.3401 (high Aug.8) ahead of 1.3417 (high Jun.19) and finally 1.3456 (high Feb.14).
EUR/USD bullish sentiment fading?
The ongoing weakness in the EUR coupled with the recent failure to clear the 1.3400 handle might prompt investors to think that a correction lower is at hand. The slew of US data ahead in the week would prove critical for euro bulls, as the docket in the euro area lacks of relevance. “ While the market was disappointed two weeks ago that the ECB did not give more definite guidance, from current levels, of the EUR it is hard to see positive data surprises having much positive impact on EUR”, commented Greg Gibbs, Strategist at RBS.
EUR/USD levels to watch
As of writing the pair is losing 0.31% at 1.3279 and a breakdown of 1.3266 (low Aug.7) would open the door to 1.3246 (low Aug.6) and then 1.3233 (low Aug.5). On the upside, the initial resistance aligns at 1.3401 (high Aug.8) ahead of 1.3417 (high Jun.19) and finally 1.3456 (high Feb.14).