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7 May 2013
Forex: EUR/USD muted around 1.3080/85
FXstreet.com (Barcelona) - The shared currency is entering the last part of the NA session meandering around 1.3080/85 on Tuesday, retracing previous gains after upbeat German data lifted the cross above 1.3130.
“The market remains within an extended period of ranging with a downward bias since the July 2008 high at 1.6035. Note that the upmove from the July 2012 low at 1.2045 to the Feb high at 1.3710 occurred in 3 waves (A-B-C), argues that the upside was a correction, with eventual declines back to the 1.2045 and below… This in turn argues that the more recent top at 1.3240 may be even more significant”, assessed David Solin Analyst at FXA.com.
As of writing, the cross is up 0.06% at 1.3084 facing the next resistance at 1.3141 (high May 6) ahead of 1.3160 (high May 3) and then 1.3220 (high May 2).
On the flip side, a dip beyond 1.3068 (low May 7) would aim for 1.3053 (low May 6) and finally 1.3033 (low May 3).
“The market remains within an extended period of ranging with a downward bias since the July 2008 high at 1.6035. Note that the upmove from the July 2012 low at 1.2045 to the Feb high at 1.3710 occurred in 3 waves (A-B-C), argues that the upside was a correction, with eventual declines back to the 1.2045 and below… This in turn argues that the more recent top at 1.3240 may be even more significant”, assessed David Solin Analyst at FXA.com.
As of writing, the cross is up 0.06% at 1.3084 facing the next resistance at 1.3141 (high May 6) ahead of 1.3160 (high May 3) and then 1.3220 (high May 2).
On the flip side, a dip beyond 1.3068 (low May 7) would aim for 1.3053 (low May 6) and finally 1.3033 (low May 3).