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27 Aug 2013
The single currency keeps alive the abrupt ascent to the vicinity of 1.3400 after navigating intraday lows around 1.3320/30.
FXstreet.com (Edinburgh) -The EUR/USD keeps alive the abrupt ascent to the vicinity of 1.3400 after navigating intraday lows around 1.3320/30.
EUR/USD gathering strength
The pair seems to have digested the ongoing worries about a coordinated military intervention by US and European forces against Syria, quickly leaving today’s troughs in the vicinity of 1.3320 to challenge the mighty 1.3400 handle. According to the last CFTC COT report, Strategist Christian Lawrence at Rabobank commented, “EUR net longs more than doubled as EUR/USD broke up through the 1.33 handle. EUR speculative positioning now stands at levels not seen since the start of May… USD longs fell marginally but remain in positive territory”.
EUR/USD levels to consider
As of writing the pair is now advancing 0.20% at 1.3395 with the immediate resistance at 1.3410 (high Aug.23) followed by 1.3427 (high Aug.21) and then 1.3453 (high Aug.20). On the flip side, a breach of 1.3322 (low Aug.27) would open the door to 1.3299 (low Aug.22) and finally 1.3285 (MA30d).
EUR/USD gathering strength
The pair seems to have digested the ongoing worries about a coordinated military intervention by US and European forces against Syria, quickly leaving today’s troughs in the vicinity of 1.3320 to challenge the mighty 1.3400 handle. According to the last CFTC COT report, Strategist Christian Lawrence at Rabobank commented, “EUR net longs more than doubled as EUR/USD broke up through the 1.33 handle. EUR speculative positioning now stands at levels not seen since the start of May… USD longs fell marginally but remain in positive territory”.
EUR/USD levels to consider
As of writing the pair is now advancing 0.20% at 1.3395 with the immediate resistance at 1.3410 (high Aug.23) followed by 1.3427 (high Aug.21) and then 1.3453 (high Aug.20). On the flip side, a breach of 1.3322 (low Aug.27) would open the door to 1.3299 (low Aug.22) and finally 1.3285 (MA30d).