8 Jul 2013
EUR/USD finds comfort around 1.2860
FXstreet.com (Barcelona) - The EUR/USD is now meandering between 1.2860 and 1.2880 on Monday, as the dust from Friday’s Payrolls are almost settled and volatility remains scant.
EUR/USD stance still bearish
Despite today’s upside, the broader frame for the single currency remains on the bearish side, as the Fed’s tapering would be supportive of the buck. In the opinion of Camilla Sutton, Strategist at Scotiabank, all studies are in the sell territory, adding, “Support lies at ytd low of 1.2746, we expect a near‐term test and break below this level. Resistance lies at Friday’s open of 1.2914”.
EUR/USD key levels
At the moment the pair is up 0.37% at 1.2859 with the next resistance at 1.2916 (high Jul.5) ahead of 1.2980 (MA10d) and finally 1.3000 (psychological level). On the flip side, a breakdown of 1.2806 (low Jul.5) would open the door to 1.2796 (low May.17) and then 1.2765 (weekly cloud base).
EUR/USD stance still bearish
Despite today’s upside, the broader frame for the single currency remains on the bearish side, as the Fed’s tapering would be supportive of the buck. In the opinion of Camilla Sutton, Strategist at Scotiabank, all studies are in the sell territory, adding, “Support lies at ytd low of 1.2746, we expect a near‐term test and break below this level. Resistance lies at Friday’s open of 1.2914”.
EUR/USD key levels
At the moment the pair is up 0.37% at 1.2859 with the next resistance at 1.2916 (high Jul.5) ahead of 1.2980 (MA10d) and finally 1.3000 (psychological level). On the flip side, a breakdown of 1.2806 (low Jul.5) would open the door to 1.2796 (low May.17) and then 1.2765 (weekly cloud base).