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16 Sep 2013
EUR/USD backs away from highs
FXstreet.com (Córdoba) - The EUR/USD> failed to decisively break above the 1.3385 area and pulled back from highs after data showed US industrial production rose 0.4% in August, meeting expectations.
The EUR/USD lost momentum and retreated back to the 1.3365 zone in recent dealings, as investors refrain from breaking the range ahead of FOMC meeting on Wednesday. However, EUR/USD holds a positive tone, having left a weekly opening gap from Friday’s close at 1.3302 amid broad USD weakness.
EUR/USD aims for a retest of 1.3415/50
“The overall positive momentum of the pair points for a test of the 1.3415/50 area, where the pair presents several daily highs: steady gains above this last should signal a strong upward continuation in the midterm with scope to test 1.35 in the short one”, says Valeria Bednarik, analyst at FXstreet.com.
Bednarik locates immediate resistances at 1.3415, 1.3450 and 1.3490, while she sees supports at 1.3350, 1.3320 and 1.3285.
The EUR/USD lost momentum and retreated back to the 1.3365 zone in recent dealings, as investors refrain from breaking the range ahead of FOMC meeting on Wednesday. However, EUR/USD holds a positive tone, having left a weekly opening gap from Friday’s close at 1.3302 amid broad USD weakness.
EUR/USD aims for a retest of 1.3415/50
“The overall positive momentum of the pair points for a test of the 1.3415/50 area, where the pair presents several daily highs: steady gains above this last should signal a strong upward continuation in the midterm with scope to test 1.35 in the short one”, says Valeria Bednarik, analyst at FXstreet.com.
Bednarik locates immediate resistances at 1.3415, 1.3450 and 1.3490, while she sees supports at 1.3350, 1.3320 and 1.3285.