8 Aug 2013
EUR/USD keeps highs ahead of US data
FXstreet.com (Edinburgh) -The EUR/USD remains anchored around 1.3360 on Thursday, as market participants wait for the weekly report on the US labour market.
EUR/USD posed for further gains
Market consensus expects Initial Claims to rose to 336K in the week ended on August 3, up from 326K in the previous week. However, today’s US data would lack the conviction to curb the ongoing EUR rally. In the opinion of strategists at TD Securities, “ it’s worth pointing out that the recent grind higher is now testing some pretty important resistance points in the 1.3340/60 area. Fundamentals leave us skeptical on the potential for a further rally, but the weekly charts suggest current levels are key”.
EUR/USD levels to watch
The pair is now advancing 0.18% at 1.3361 facing the next resistance at 1.3417 (high Jun.19) ahead of 1.3456 (high Feb.14) and then 1.3481 (76.4% of 1.3711-1.2740). On the downside, a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level).
EUR/USD posed for further gains
Market consensus expects Initial Claims to rose to 336K in the week ended on August 3, up from 326K in the previous week. However, today’s US data would lack the conviction to curb the ongoing EUR rally. In the opinion of strategists at TD Securities, “ it’s worth pointing out that the recent grind higher is now testing some pretty important resistance points in the 1.3340/60 area. Fundamentals leave us skeptical on the potential for a further rally, but the weekly charts suggest current levels are key”.
EUR/USD levels to watch
The pair is now advancing 0.18% at 1.3361 facing the next resistance at 1.3417 (high Jun.19) ahead of 1.3456 (high Feb.14) and then 1.3481 (76.4% of 1.3711-1.2740). On the downside, a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level).