8 Jul 2013
EUR/USD capped by resistance
FXstreet.com (New York) - The EUR/USD foreign exchange rate peaked recently at the 1.2885 level (resistance), ultimately failing to stabilize above this level during US trading.
EUR/USD at critical juncture near 55-week MA
According to Karen Jones, an analyst at Commerzbank, “Last week the EUR/USD eroded a major band of support 1.2934/ 1.2885 (the 78.6% retracement, 2012 uptrend) and 55-week MA. Ultimately, the failure at this key juncture leaves the pair in a vulnerable state.”
At the time of writing, the EUR/USD pair is operating just off session highs towards 1.2875, en route to a gain of +0.49% during US trading. Mataf.net analysts calculate the next resistances in the short-term at 1.2885 (session high), then 1.2945, and finally 1.2984.
EUR/USD allayed concerns facing Greece are crucial
It is worth noting that “If the Eurogroup helps calm nerves over Greece then support at 1.2750 should hold near-term. We still recommend selling rallies to 1.2950/1.3000 on the week, with scope for 1.2600 later in July.” writes Sean Callow, a Global FX Strategist at Westpac.
EUR/USD at critical juncture near 55-week MA
According to Karen Jones, an analyst at Commerzbank, “Last week the EUR/USD eroded a major band of support 1.2934/ 1.2885 (the 78.6% retracement, 2012 uptrend) and 55-week MA. Ultimately, the failure at this key juncture leaves the pair in a vulnerable state.”
At the time of writing, the EUR/USD pair is operating just off session highs towards 1.2875, en route to a gain of +0.49% during US trading. Mataf.net analysts calculate the next resistances in the short-term at 1.2885 (session high), then 1.2945, and finally 1.2984.
EUR/USD allayed concerns facing Greece are crucial
It is worth noting that “If the Eurogroup helps calm nerves over Greece then support at 1.2750 should hold near-term. We still recommend selling rallies to 1.2950/1.3000 on the week, with scope for 1.2600 later in July.” writes Sean Callow, a Global FX Strategist at Westpac.