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Jun 3, 2013
EUR/USD back below 1.3100
FXstreet.com (Barcelona) - After climbing to 4-week highs in the boundaries of 1.3110 against the buck, the bloc currency has now retraced some ground to the area of 1.3090/95.
In the opinion of I.Spivak, Currency Strategist at DailyFX, “Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. The pair is now testing resistance at a falling trend line set from early February (1.3058). A break above that eyes a horizontal barrier at 1.3179. Near-term support is at 1.2953, the April 24 low, with a move beneath that targeting a rising trend line at 1.2807”.
As of writing the pair is advancing 0.72% at 1.3088 with the next resistance at 1.3110 (MA100d) followed by 1.3194 (high May 8). On the flip side, a break below 1.2944 (low May 31) would expose 1.2939 (MA10d) and finally 1.2934 (low May 30).
In the opinion of I.Spivak, Currency Strategist at DailyFX, “Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. The pair is now testing resistance at a falling trend line set from early February (1.3058). A break above that eyes a horizontal barrier at 1.3179. Near-term support is at 1.2953, the April 24 low, with a move beneath that targeting a rising trend line at 1.2807”.
As of writing the pair is advancing 0.72% at 1.3088 with the next resistance at 1.3110 (MA100d) followed by 1.3194 (high May 8). On the flip side, a break below 1.2944 (low May 31) would expose 1.2939 (MA10d) and finally 1.2934 (low May 30).