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12 Aug 2013
EUR/USD treading water around 1.3300
FXstreet.com (Edinburgh) -The bloc currency finally recovered the critical 1.3300 handle on Monday, with the EUR/USD climbing from session lows in sub 1.3280 levels amidst a context favourable to the risk aversion.
EUR/USD faces volatility ahead in the week
Relevant US data are due in the upcoming sessions, leaving the door open for further volatility in the pair via de greenback, as key euro data remain scarce, with only the German ZEW Survey and EMU’s consumer prices. Camilla Sutton, Strategist at Scotiabank, keeps the bullish outlook on the pair, arguing, “However technicals are not providing any signal with conviction as the MACD remains in buy territory, the 9-day MA continues to trade above the 21-day and the CFTC weekly CoT data has triggered a buy signal with the net EUR position shifting to long… Support lies at the 100-day MA at 1.3238 and resistance lies at last week’s high of 1.3391”.
EUR/USD levels to watch
As of writing the pair is losing 0.10% at 1.3307 and a breakdown of 1.3266 (low Aug.7) would open the door to 1.3246 (low Aug.6) and then 1.3233 (low Aug.5). On the upside, the initial resistance aligns at 1.3401 (high Aug.8) ahead of 1.3417 (high Jun.19) and finally 1.3456 (high Feb.14).
EUR/USD faces volatility ahead in the week
Relevant US data are due in the upcoming sessions, leaving the door open for further volatility in the pair via de greenback, as key euro data remain scarce, with only the German ZEW Survey and EMU’s consumer prices. Camilla Sutton, Strategist at Scotiabank, keeps the bullish outlook on the pair, arguing, “However technicals are not providing any signal with conviction as the MACD remains in buy territory, the 9-day MA continues to trade above the 21-day and the CFTC weekly CoT data has triggered a buy signal with the net EUR position shifting to long… Support lies at the 100-day MA at 1.3238 and resistance lies at last week’s high of 1.3391”.
EUR/USD levels to watch
As of writing the pair is losing 0.10% at 1.3307 and a breakdown of 1.3266 (low Aug.7) would open the door to 1.3246 (low Aug.6) and then 1.3233 (low Aug.5). On the upside, the initial resistance aligns at 1.3401 (high Aug.8) ahead of 1.3417 (high Jun.19) and finally 1.3456 (high Feb.14).