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26 Aug 2013
EUR/USD grinding sideways early Monday
FXstreet.com (Barcelona) - The EUR/USD continues to churn sideways below key resistance at 1.3409 and above short-term support at 1.3370.
EUR/USD traders will have to contend with US data Monday
Early in the US session Monday, traders will look to the US’s release of monthly Durable Goods data and the Dallas Fed Manufacturing Business Index for guidance of the near-term direction of the EUR/USD.
Technical outlook for EUR/USD
Technicians say 1.3409 is the key upside correction resistance level to monitor early this week for EUR/USD. The call for weeks by many technicians has been that a top was to be made at the 1.34 – 1.35 area and that the next big move would be lower with targets down in the 1.2400 – 1.2500 range. Shorter-term support is Elliott Wave-generated 1.3370 and is followed by Friday’s low at 1.3332.
EUR/USD traders will have to contend with US data Monday
Early in the US session Monday, traders will look to the US’s release of monthly Durable Goods data and the Dallas Fed Manufacturing Business Index for guidance of the near-term direction of the EUR/USD.
Technical outlook for EUR/USD
Technicians say 1.3409 is the key upside correction resistance level to monitor early this week for EUR/USD. The call for weeks by many technicians has been that a top was to be made at the 1.34 – 1.35 area and that the next big move would be lower with targets down in the 1.2400 – 1.2500 range. Shorter-term support is Elliott Wave-generated 1.3370 and is followed by Friday’s low at 1.3332.