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14 Aug 2013
EUR/USD hit by heavy selling; re-test of 1.3250 imminent?
FXstreet.com (Chicago) - EUR/USD weakens at opening of the Chinese trading session approaching immediate 1.3250 support and ahead of GDP euro-zone data due later today.
Price action indicates the pair still trades between supports at 1.3250 (July 26th lows), 1.3239 (July 24th highs) ahead of 1.3226 (June 10th lows) and resistances at 1.3271 (August 6th highs), 1.3286 (July 25th highs) followed by 1.3301 (August 4th highs). Approaching the downside the pair trades at 1.3254 despite being reported as slightly bullish on one-hour timeframe analysis by the FXstreet.com trend index.
The dollar held yesterday’s gains amid taper bets for September. According to senior analyst at Bank of Tokyo-Mitsubishi UFJ Ltd in London, “The dollar may emerge of out its multi-year weakening trend this year as the Fed normalizes monetary policy.”
Price action indicates the pair still trades between supports at 1.3250 (July 26th lows), 1.3239 (July 24th highs) ahead of 1.3226 (June 10th lows) and resistances at 1.3271 (August 6th highs), 1.3286 (July 25th highs) followed by 1.3301 (August 4th highs). Approaching the downside the pair trades at 1.3254 despite being reported as slightly bullish on one-hour timeframe analysis by the FXstreet.com trend index.
The dollar held yesterday’s gains amid taper bets for September. According to senior analyst at Bank of Tokyo-Mitsubishi UFJ Ltd in London, “The dollar may emerge of out its multi-year weakening trend this year as the Fed normalizes monetary policy.”