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19 Aug 2013
EUR/USD, break +1.34 or -1.3190 to determine MT direction - 2ndSkies
FXstreet.com (Barcelona) - The 1.34 continues to be well protected by sellers, with the EUR/USD having had a third topside failure at it last week, one accounting for each month that the level has been unsuccessfully tried.
According to Chris Capre, Founder at 2ndSkies: "Short term the range between 1.3190 and 1.3399 is the spoken word. Bulls still have the upper hand, but will need to take out 1.34 to entice more bulls to come in (otherwise the range will take precedence)."
Capre adds: "Bears can look for intraday price action signals to sell at 1.34, while bulls can look towards 1.3190 to get long." Capre anticipates that a daily close on either side of these fences "will suggest the next medium term direction."
According to Chris Capre, Founder at 2ndSkies: "Short term the range between 1.3190 and 1.3399 is the spoken word. Bulls still have the upper hand, but will need to take out 1.34 to entice more bulls to come in (otherwise the range will take precedence)."
Capre adds: "Bears can look for intraday price action signals to sell at 1.34, while bulls can look towards 1.3190 to get long." Capre anticipates that a daily close on either side of these fences "will suggest the next medium term direction."