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20 Aug 2013
EUR/USD lost grip on gains from early Monday
FXstreet.com (Barcelona) - The EUR/USD fell steadily throughout the day Monday after peaking at 1.3379 at 11:00 GMT. Still, though, the overall pattern since last Thursday big upside has been range bound with 1.3379 and 1.3310 as the boundaries.
EUR/USD fell from highs Monday as US rates’ rise lifted the DXY late
It was a very light day in terms of data Monday, so the EUR/USD was pretty much at the mercy of technical and chatter surrounding the FOMC’s next moves. While there are some minor data points due out in Europe and the US Tuesday, it is going to be anything but a “heavy” day of influential data. So, technical and rumors may well rule the day again.
Technical outlook for EUR/USD
Technicians point to a big picture peak at 1.3414 for the EUR/USD. However, there will be short-term resistance at the 1.3379 level – which represents horizontal line resistance. Critical support for the bulls comes in at the 1.3187 level – although Thursday’s low of 1.3205 remains very short-term support. A cross below 1.3187 will confirm that a top has been made and that a move down to the 1.2400 – 1.2500 range is under way.
EUR/USD fell from highs Monday as US rates’ rise lifted the DXY late
It was a very light day in terms of data Monday, so the EUR/USD was pretty much at the mercy of technical and chatter surrounding the FOMC’s next moves. While there are some minor data points due out in Europe and the US Tuesday, it is going to be anything but a “heavy” day of influential data. So, technical and rumors may well rule the day again.
Technical outlook for EUR/USD
Technicians point to a big picture peak at 1.3414 for the EUR/USD. However, there will be short-term resistance at the 1.3379 level – which represents horizontal line resistance. Critical support for the bulls comes in at the 1.3187 level – although Thursday’s low of 1.3205 remains very short-term support. A cross below 1.3187 will confirm that a top has been made and that a move down to the 1.2400 – 1.2500 range is under way.