15 Jul 2013
EUR/USD testing session highs
FXstreet.com (Edinburgh) -The bloc currency keeps gathering pace on Monday, with the EUR/USD currently toying with intraday highs in the area of 1.3070/75.
EUR/USD boosted by poor US data
Lacklustre data from the US retail sales during June seem to have poured cold water over the market chatter regarding the Fed’s tapering, at least in the very near-term, or until the next batch of data. According to Camilla Sutton, Strategist at Scotiabank, “some studies have already triggered buy signals (MACD,DMI, RSI and candlesticks); however others are slow to turn. After two negative sessions, candlesticks will show more bearish if there is enough downside momentum to close below Thursday’s open of 1.2978”. Recall that the bank holds a year-end target at 1.25 for the pair.
EUR/USD levels to watch
At the moment the pair is losing 0.08% at 1.3066 with the next support at 1.2982 (50% Fibo) followed by 1.2966 (low Jul.11) and then 1.2949 (high Jul.10). On the upside, a breakout of 1.3086 (high Jul15) would open the door to 1.3100 (high Jul.12) and finally 1.3118 (MA30d).
EUR/USD boosted by poor US data
Lacklustre data from the US retail sales during June seem to have poured cold water over the market chatter regarding the Fed’s tapering, at least in the very near-term, or until the next batch of data. According to Camilla Sutton, Strategist at Scotiabank, “some studies have already triggered buy signals (MACD,DMI, RSI and candlesticks); however others are slow to turn. After two negative sessions, candlesticks will show more bearish if there is enough downside momentum to close below Thursday’s open of 1.2978”. Recall that the bank holds a year-end target at 1.25 for the pair.
EUR/USD levels to watch
At the moment the pair is losing 0.08% at 1.3066 with the next support at 1.2982 (50% Fibo) followed by 1.2966 (low Jul.11) and then 1.2949 (high Jul.10). On the upside, a breakout of 1.3086 (high Jul15) would open the door to 1.3100 (high Jul.12) and finally 1.3118 (MA30d).