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Forex: EUR/USD edges lower after impressive close above 1.3155 pivot

FXstreet.com (Barcelona) - Forex: EUR/USD edges lower after impressive close above 1.3155 pivot
The EUR/USD was finally able to clear stubborn resistance at 1.3155 (the 100dma), closing up 133 pips at 1.3178. The importance of closing above this pivot should not be overlooked, as the 100dma had limited numerous advances dating back to late February 2013. EUR/USD is now trading above the upper end of a wide trading range which started in January and ranges between 1.3150 and 1.2750. The pair is slightly lower during Asia trade, down 8 pips at 1.3170.

According to Kathy Lien of BK Asset Management, “After consolidating below 1.3150 for the past week, the EUR/USD finally broke out to upside, rising to its highest level in 7 weeks. What was interesting about the move was the lack of specific catalyst.” She went on to add, “The EUR/USD took its cue from U.S. equities, which recovered strongly today. The improvement in risk appetite even helped the euro shrug off the news that German investor confidence deteriorated significantly.

From a technical perspective, the break and close above 1.3155 is constructive and this level should now act as firm support going forward. Short term moving averages remain in bullish posture, with price above both the upward sloping 9dma and 20dma. A move below 1.3155 could open the doors down to 1.3082 (the 9dma). First resistance is at 1.3250 (100 week moving average), followed by 1.3310 (previous support, now resistance on daily chart)

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