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11 Sep 2013
EUR/USD clings to 1.3300
FXstreet.com (Edinburgh) -The shared currency finally managed to leave behind the 1.3300 handle, pushing the EUR/USD to fresh 2-week highs around 1.3315.
EUR/USD paring weekly losses
The pair is recovering ground lost after a failure to break above the critical 1.3400/50 band sent the euro to knock on the 1.3100’s door last week. Better tone in the risk-on space from Chinese data and a ‘hold-on’ situation in the Middle East have collaborated in the EUR rally since Monday. Camilla Sutton, Chief Strategist at Scotiabank, argued that technical studies now remain mixed, “as bearish signals moderate; however EUR is also struggling to break higher, suggesting that momentum is fading. There is better risk/reward in other currencies”.
EUR/USD critical levels
The pair is now advancing 0.29% at 1.3306 with the next resistance at 1.3322 (low Aug.27) followed by 1.3343 (high Aug.29) and then 1.3399 (high Aug.28). On the downside, a breach of 1.3230 (low Sep.10) would aim for 1.3210 (MA10d) and then 1.3157 (low Sep.9).
EUR/USD paring weekly losses
The pair is recovering ground lost after a failure to break above the critical 1.3400/50 band sent the euro to knock on the 1.3100’s door last week. Better tone in the risk-on space from Chinese data and a ‘hold-on’ situation in the Middle East have collaborated in the EUR rally since Monday. Camilla Sutton, Chief Strategist at Scotiabank, argued that technical studies now remain mixed, “as bearish signals moderate; however EUR is also struggling to break higher, suggesting that momentum is fading. There is better risk/reward in other currencies”.
EUR/USD critical levels
The pair is now advancing 0.29% at 1.3306 with the next resistance at 1.3322 (low Aug.27) followed by 1.3343 (high Aug.29) and then 1.3399 (high Aug.28). On the downside, a breach of 1.3230 (low Sep.10) would aim for 1.3210 (MA10d) and then 1.3157 (low Sep.9).