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13 Aug 2013
EUR/USD bouncing timidly to 1.3250
FXstreet.com (Edinburgh) -The shared currency continues to show lack of confidence in any upside attempt on Tuesday, with the EUR/USD now hovering over the mid 1.3200s.
EUR/USD surrender gains
The pair matched last week’s lows in the lower 1.3200s in the wake of the US retail sales, intensifying the broader bearishness after recent peaks around the critical 1.3400 the figure. Camilla Sutton, Chief FX Strategist at Scotiabank, argued that short-term technical remains bullish although losing momentum, adding, “the MACD is even flirting with a bearish cross and candlesticks warn of a shift from the bulls to the bears being in control of the market. EUR continues to trade within its broad 1.28 to 1.34 range and likely needs a catalyst to be pushed outside”.
EUR/USD levels to watch
At the moment the pair is down 0.36% at 1.3252 and a breakdown of 1.3200 (psychological level) would open the door to 1.3188 (low Aug.2) and finally 1.3166 (low Jul.25). On the upside, resistance levels line up at 1.3391 (high Aug.9) followed by 1.3401 (high Aug.8) and then 1.3417 (high Jun.19).
EUR/USD surrender gains
The pair matched last week’s lows in the lower 1.3200s in the wake of the US retail sales, intensifying the broader bearishness after recent peaks around the critical 1.3400 the figure. Camilla Sutton, Chief FX Strategist at Scotiabank, argued that short-term technical remains bullish although losing momentum, adding, “the MACD is even flirting with a bearish cross and candlesticks warn of a shift from the bulls to the bears being in control of the market. EUR continues to trade within its broad 1.28 to 1.34 range and likely needs a catalyst to be pushed outside”.
EUR/USD levels to watch
At the moment the pair is down 0.36% at 1.3252 and a breakdown of 1.3200 (psychological level) would open the door to 1.3188 (low Aug.2) and finally 1.3166 (low Jul.25). On the upside, resistance levels line up at 1.3391 (high Aug.9) followed by 1.3401 (high Aug.8) and then 1.3417 (high Jun.19).