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Jun 3, 2013
EUR/USD supported 1.3000 ahead of ISM
FXstreet.com (London) - EUR/USD is supported at the figure ahead of ISM Manufacturing coming up today at 15.00BST.
Last week the pair rallied and was held up at the 1.3072 2013 downtrend. In the opinion of Commerzbank analysts, while this holds, the outlook is bearish and a retest of support at 1.2821/1.2796 is likely, guarding the 1.2740 April low and the 1.2679/61 long term Fibo. They added, ‘Key short term resistance is seen along the resistance line drawn from the February peak which is located at 1.3072. Above here would neutralise our immediate view but only an unexpected rise above the 1.3243 May high would negate our bearish outlook.’ Support comes 1.2970 and 1.2945.
Last week the pair rallied and was held up at the 1.3072 2013 downtrend. In the opinion of Commerzbank analysts, while this holds, the outlook is bearish and a retest of support at 1.2821/1.2796 is likely, guarding the 1.2740 April low and the 1.2679/61 long term Fibo. They added, ‘Key short term resistance is seen along the resistance line drawn from the February peak which is located at 1.3072. Above here would neutralise our immediate view but only an unexpected rise above the 1.3243 May high would negate our bearish outlook.’ Support comes 1.2970 and 1.2945.