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5 Aug 2013
Flash: EUR/USD ascension held by 1.3410 mark – BBH
FXstreet.com (New York) - Global Markets Strategist Sean Callow at Westpac analyzes the short-term outlook of the EUR/USD.
Key quotes
“Within the ranges that have been established in recent weeks, the USD is likely to test the lower end.”
“We expect market participation to be subdued and this may make for thinner liquidity and, potentially choppier price action in response to news developments.”
In terms of the EUR/USD, “Immediate resistance is seen in the 1.3300-10 high and then 1.3350. The June high, near 1.3410 represented a 4-month high and marks the upper end of the range. On the downside, a break of 1.3180 is needed to signal a top is in place.”
Key quotes
“Within the ranges that have been established in recent weeks, the USD is likely to test the lower end.”
“We expect market participation to be subdued and this may make for thinner liquidity and, potentially choppier price action in response to news developments.”
In terms of the EUR/USD, “Immediate resistance is seen in the 1.3300-10 high and then 1.3350. The June high, near 1.3410 represented a 4-month high and marks the upper end of the range. On the downside, a break of 1.3180 is needed to signal a top is in place.”