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9 Aug 2013
EUR/USD tumbles to support
FXstreet.com (New York) - The EUR/USD foreign exchange rate has been bleeding off its recent gains during US trading Friday, opening up fresh daily losses.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD eroded the 2011-2013 downtrend, and now faces the 200-week MA and the June high meet at 1.3402/17. There is little to suggest that the market will maintain a break beyond here. Nonetheless the market remains bid above the 1.3312 accelerated uptrend and only loss of last weeks low at 1.3188 will alleviate immediate upside pressure. Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold.”
EUR/USD technical bias
After recent setbacks, the EUR/USD is now operating at 1.3340 at the time of writing, entrenching itself in negative territory at -0.30% off its opening. In taking a look at the technicals, the pair faces supports that will attempt to stymie a fall at 1.3339, ahead of 1.3298, and 1.3297.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD eroded the 2011-2013 downtrend, and now faces the 200-week MA and the June high meet at 1.3402/17. There is little to suggest that the market will maintain a break beyond here. Nonetheless the market remains bid above the 1.3312 accelerated uptrend and only loss of last weeks low at 1.3188 will alleviate immediate upside pressure. Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold.”
EUR/USD technical bias
After recent setbacks, the EUR/USD is now operating at 1.3340 at the time of writing, entrenching itself in negative territory at -0.30% off its opening. In taking a look at the technicals, the pair faces supports that will attempt to stymie a fall at 1.3339, ahead of 1.3298, and 1.3297.