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6 Aug 2013
EUR/USD flat, eyes on 1.3260
FXstreet.com (Edinburgh) -The EUR/USD is attempting a rebound to the 1.3260 area on Tuesday, although keeping the broader consolidation (boring) pattern.
EUR/USD sidelining, looking for triggers
The pair looks set to extend the current pattern throughout the rest of the week, as there are no catalysts in the upcoming sessions that can tilt the EUR either way. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has started to ease lower and is essentially backing away from the 2013 resistance line currently at 1.3333… Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure”. The expert also added that a breach of that level would open the door to a re-visit of the 1.3000 handle.
EUR/USD critical levels
As of writing the pair is down 0.02% at 1.3255 and a break below 1.3200 (psychological level) would target 1.3188 (low Aug.2) en route to 1.3166 (low Jul.25). On the flip side, resistance levels line up at 1.3311 (high Aug.1) followed by 1.3345 (high Jul.31) and finally 1.3417 (high Jun.19).
EUR/USD sidelining, looking for triggers
The pair looks set to extend the current pattern throughout the rest of the week, as there are no catalysts in the upcoming sessions that can tilt the EUR either way. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has started to ease lower and is essentially backing away from the 2013 resistance line currently at 1.3333… Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure”. The expert also added that a breach of that level would open the door to a re-visit of the 1.3000 handle.
EUR/USD critical levels
As of writing the pair is down 0.02% at 1.3255 and a break below 1.3200 (psychological level) would target 1.3188 (low Aug.2) en route to 1.3166 (low Jul.25). On the flip side, resistance levels line up at 1.3311 (high Aug.1) followed by 1.3345 (high Jul.31) and finally 1.3417 (high Jun.19).