25 Jul 2013
EUR/USD testing Wednesday’s lows around 1.3180
FXstreet.com (Edinburgh) -It seems that the decline in the EUR/USD bottomed out around yesterday’s lows in the boundaries of 1.3180, with the pair now stabilizing around those levels so far.
EUR/USD upside struggling
The current 3-week EUR rally faltered in the region of 1.3260 and was unable to extend the upside further despite the better data from the German IFO this early morning and the positive results from Wednesday’s PMI prints. “We look for EUR/USD rallies to remain solidly capped around $1.3350 (trendline resistance from the early-February high) for the foreseeable future”, noted Stephen Gallo, Strategist at BMO.
EUR/USD key levels
At the moment the pair is retreating 0.09% at 1.3186 and a breakdown of 1.3177 (low. Jul.24) would open the door to 1.3164 (low Jul.23) and finally 1.3150 (MA10d). On the upside, resistance levels line up at 1.3256 (high Jul.24) ahead of 1.3261 (76.4% of 1.3417-1.2755) and then 1.3302 (high Jun.20).
EUR/USD upside struggling
The current 3-week EUR rally faltered in the region of 1.3260 and was unable to extend the upside further despite the better data from the German IFO this early morning and the positive results from Wednesday’s PMI prints. “We look for EUR/USD rallies to remain solidly capped around $1.3350 (trendline resistance from the early-February high) for the foreseeable future”, noted Stephen Gallo, Strategist at BMO.
EUR/USD key levels
At the moment the pair is retreating 0.09% at 1.3186 and a breakdown of 1.3177 (low. Jul.24) would open the door to 1.3164 (low Jul.23) and finally 1.3150 (MA10d). On the upside, resistance levels line up at 1.3256 (high Jul.24) ahead of 1.3261 (76.4% of 1.3417-1.2755) and then 1.3302 (high Jun.20).