20 Aug 2013
EUR/USD supported around 1.3330
FXstreet.com (Edinburgh) -The gradual decline of the shared currency since yesterday afternoon found support in the area of 1.3330 overnight, where buyers lifted the EUR/USD to the current 1.3350 region.
EUR/USD range-bound
The pair remains locked within the broader 1.32-1.34 range nonetheless, looking for catalysts in order to make another attempt to the 1.3400/20 resistance band. Calendar in the euro area is almost non-existent, with EMU’s Construction Output and a Spanish auction of 6m and 12m Letras. Tim Riddell, Head of Global Market Research at ANZ, commented, “Recent gains continue to appear relatively impulsive and could suggest an early and full test of broader range resistance in the 1.3700 area”.
EUR/USD levels to watch
As of writing the pair is up 0.11% at 1.3349 and a breakout of 1.3401 (high Aug.8) would target 1.3417 (high Jun.19) en route to 1.3456 (high Feb.14). On the downside, support levels align at 1.3261 (low Aug.19) followed by 1.3222 (weekly cloud top) and finally 1.3212 MA30d).
EUR/USD range-bound
The pair remains locked within the broader 1.32-1.34 range nonetheless, looking for catalysts in order to make another attempt to the 1.3400/20 resistance band. Calendar in the euro area is almost non-existent, with EMU’s Construction Output and a Spanish auction of 6m and 12m Letras. Tim Riddell, Head of Global Market Research at ANZ, commented, “Recent gains continue to appear relatively impulsive and could suggest an early and full test of broader range resistance in the 1.3700 area”.
EUR/USD levels to watch
As of writing the pair is up 0.11% at 1.3349 and a breakout of 1.3401 (high Aug.8) would target 1.3417 (high Jun.19) en route to 1.3456 (high Feb.14). On the downside, support levels align at 1.3261 (low Aug.19) followed by 1.3222 (weekly cloud top) and finally 1.3212 MA30d).