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19 Aug 2013
EUR/USD failed to test 1.3400… again
FXstreet.com (Edinburgh) -The abrupt bull run to the vicinity of 1.3380 apparently run out of steam, with the EUR/USD now losing momentum to test once again the mid 1.3300s region.
EUR/USD bullishness remains intact
Despite the unsuccessful attempt to follow through 1.3380 today, the short-term outlook on the pair keeps pointing to higher levels, with market participants expecting a test of the 1.3400/20 band in the upcoming sessions. According to the last CFTC COT report, Strategist Jane Foley at Rabobank, commented, “Speculators have continued to extent EUR longs following the move out of net short positioning in the previous week. Although EUR/USD remains range bound between 1.32-1.34 we expect that news the Eurozone has emerged from recession should help EUR positioning… USD longs were pared back somewhat last week but still remain in positive territory”.
EUR/USD levels to watch
As of writing the pair is up 0.11% at 1.3351 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 bullishness remains intact
Despite the unsuccessful attempt to follow through 1.3380 today, the short-term outlook on the pair keeps pointing to higher levels, with market participants expecting a test of the 1.3400/20 band in the upcoming sessions. According to the last CFTC COT report, Strategist Jane Foley at Rabobank, commented, “Speculators have continued to extent EUR longs following the move out of net short positioning in the previous week. Although EUR/USD remains range bound between 1.32-1.34 we expect that news the Eurozone has emerged from recession should help EUR positioning… USD longs were pared back somewhat last week but still remain in positive territory”.
EUR/USD levels to watch
As of writing the pair is up 0.11% at 1.3351 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).