7 Aug 2013
EUR/USD testing lows around 1.3280
FXstreet.com (Edinburgh) -Increasing selling interest is rapidly dragging the EUR/USD back to the area of 1.3280 on Wednesday, printing fresh lows at the same time.
EUR/USD rejected from 1.3300
Despite the recent advance beyond 1.3300 the figure, the bull run lacks both confidence and sustainability, retreating to the comfort zone around 1.3270/80. A non-existent calendar in the region is not helping either, shifting the attention to the more relevant BoE Quarterly Inflation Report due later. Stoyan Mihaylov, Strategist at DeltaStock.com suggested, “The intraday bias is neutral, as the pair is caught in a tight range between 1.3298 and 1.3225 support level. My outlook is rather bullish, for a break through 1.3298, en route to 1.3410”.
EUR/USD key levels
The pair is now losing 0.21% at 1.3277 and a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level). On the upside, the initial hurdle aligns at 1.3345 (high Jul.31) ahead of 1.3417 (high Jun.19) and then 1.3456 (high Feb.14).
EUR/USD rejected from 1.3300
Despite the recent advance beyond 1.3300 the figure, the bull run lacks both confidence and sustainability, retreating to the comfort zone around 1.3270/80. A non-existent calendar in the region is not helping either, shifting the attention to the more relevant BoE Quarterly Inflation Report due later. Stoyan Mihaylov, Strategist at DeltaStock.com suggested, “The intraday bias is neutral, as the pair is caught in a tight range between 1.3298 and 1.3225 support level. My outlook is rather bullish, for a break through 1.3298, en route to 1.3410”.
EUR/USD key levels
The pair is now losing 0.21% at 1.3277 and a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level). On the upside, the initial hurdle aligns at 1.3345 (high Jul.31) ahead of 1.3417 (high Jun.19) and then 1.3456 (high Feb.14).