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9 Aug 2013
EUR/USD testing the downside
FXstreet.com (Barcelona) - EUR/USD has ben stable above support 1.3380 after yesterdays pop up to test the 1.3400 handle.
EUR/USD however has ben inching lower this morning in European trade, testing the support line and eyes 1.3360 as a target in slow and quiet markets where one cannot expect too much movement ahead of the weekend closing sessions.
Meanwhile, “The improving cyclical momentum in Europe has helped narrow yield spreads in the near-term with the US allowing the euro and pound to strengthen modestly”, said research teams at The Bank of Tokyo-Mitsubishi UFJ.
EUR/USD inching through support
EUR/USD “remains bid above the 1.3312 accelerated uptrend and only loss of last weeks low at 1.3188 will alleviate immediate upside pressure. Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold”, said Axel Rudolph, Senior Technical Analyst at Commerzbank. The 20 dma 1.3237, 50 dma 1.3166, 200 dma 1.3102. RSI (9) reads 68.06. Supports are ascending from 1.3290, 1.3323, 1.3353. Spot is currently 1.3370 while resistances are 1.3381, 1.3401, 1.3417, 1.3434 and 1.3456
EUR/USD however has ben inching lower this morning in European trade, testing the support line and eyes 1.3360 as a target in slow and quiet markets where one cannot expect too much movement ahead of the weekend closing sessions.
Meanwhile, “The improving cyclical momentum in Europe has helped narrow yield spreads in the near-term with the US allowing the euro and pound to strengthen modestly”, said research teams at The Bank of Tokyo-Mitsubishi UFJ.
EUR/USD inching through support
EUR/USD “remains bid above the 1.3312 accelerated uptrend and only loss of last weeks low at 1.3188 will alleviate immediate upside pressure. Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold”, said Axel Rudolph, Senior Technical Analyst at Commerzbank. The 20 dma 1.3237, 50 dma 1.3166, 200 dma 1.3102. RSI (9) reads 68.06. Supports are ascending from 1.3290, 1.3323, 1.3353. Spot is currently 1.3370 while resistances are 1.3381, 1.3401, 1.3417, 1.3434 and 1.3456