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16 Aug 2013
EUR/USD deflates to lows around 1.3320
FXstreet.com (Edinburgh) -The quick up-move to weekly highs around 1.3380 was rapidly eroded after the EUR/USD lost impetus and dropped to session lows in the boundaries of 1.3320.
EUR/USD turned the week to red
The pair is now closing the week in negative ground after five consecutive weeks with gains, with yet another unsuccessful attempt to follow through the key resistance band at 1.3400/20. “Earlier this week we pointed out the long term resistance zone in the mid– to upper-1.33 area on the weekly charts, and that is exactly the consolidation zone where the pair has been hovering since yesterday afternoon. We remain sellers at these levels, but in the case that today’s close is notably above current levels, there would be an increased chance of a further squeeze higher”, noted G.Moore and S.Osborne, FX Strategists at TD Securities.
EUR/USD relevant levels
At the moment the pair is retreating .014% at 1.3326 and a breach of 1.3188 (low Aug.2) would target 1.3179 (MA30d) en route to 1.3164 (low Jul.23). On the flip side, resistance levels are located at 1.3391 (high Aug.9) ahead of 1.3401 (high Aug.8) and then 1.3417 (high Jun.19).
EUR/USD turned the week to red
The pair is now closing the week in negative ground after five consecutive weeks with gains, with yet another unsuccessful attempt to follow through the key resistance band at 1.3400/20. “Earlier this week we pointed out the long term resistance zone in the mid– to upper-1.33 area on the weekly charts, and that is exactly the consolidation zone where the pair has been hovering since yesterday afternoon. We remain sellers at these levels, but in the case that today’s close is notably above current levels, there would be an increased chance of a further squeeze higher”, noted G.Moore and S.Osborne, FX Strategists at TD Securities.
EUR/USD relevant levels
At the moment the pair is retreating .014% at 1.3326 and a breach of 1.3188 (low Aug.2) would target 1.3179 (MA30d) en route to 1.3164 (low Jul.23). On the flip side, resistance levels are located at 1.3391 (high Aug.9) ahead of 1.3401 (high Aug.8) and then 1.3417 (high Jun.19).