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19 Aug 2013
EUR/USD on the slide as Europe’s open looms
FXstreet.com (Barcelona) - The EUR/USD has fallen steadily for the last 2 ½ hours after peaking at 1.3339 at 02:00 GMT.
EUR/USD bounded by 1.3317 and 1.3349 in very short term
As traders eye the European markets’ open, they are also eyeing a EUR/USD that is drifting in either direction by several hundred pips. On a light data day, technicals – and maybe more “tapering” chatter – will likely drive the action in the EUR/USD Monday.
Technical outlook for EUR/USD
Technicians point to a big picture peak at 1.3414 for EUR/USD. However, there will be short-term resistance at the 1.3354 level – which represents a very short-term “correction resistance” level. Critical support for the bulls comes in at the 1.3187 level – although Thursday’s low of 1.3205 remains very short-term support. A cross below 1.3187 will confirm that a top has been made and that a move down to the 1.2400 – 1.2500 range is under way.
EUR/USD bounded by 1.3317 and 1.3349 in very short term
As traders eye the European markets’ open, they are also eyeing a EUR/USD that is drifting in either direction by several hundred pips. On a light data day, technicals – and maybe more “tapering” chatter – will likely drive the action in the EUR/USD Monday.
Technical outlook for EUR/USD
Technicians point to a big picture peak at 1.3414 for EUR/USD. However, there will be short-term resistance at the 1.3354 level – which represents a very short-term “correction resistance” level. Critical support for the bulls comes in at the 1.3187 level – although Thursday’s low of 1.3205 remains very short-term support. A cross below 1.3187 will confirm that a top has been made and that a move down to the 1.2400 – 1.2500 range is under way.