25 Jul 2013
EUR/USD retakes 1.3200
FXstreet.com (Edinburgh) -The bloc currency is picking up pace again and retaking the 1.3200 handle against the greenback, lifting the EUR/USD from fresh intraday lows around 1.3160.
EUR/USD recovers from disappointment
Market participants continue to digest the IFO results while It seems that the 1.3160/80 band is offering quite a solid support, as seen by the recent sharp pullbacks. On the upside, however, rallies appear to run out of steam around 1.3240/60 so far. “We think sharp rises in Euro Area rates will lead to EUR selling opportunities across currency pairs, especially if those rate rises are induced by bond market volatility”, noted Stephen Gallo, Strategist at BMO.
EUR/USD key levels
At the moment the pair is retreating 0.03% at 1.3196 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 recovers from disappointment
Market participants continue to digest the IFO results while It seems that the 1.3160/80 band is offering quite a solid support, as seen by the recent sharp pullbacks. On the upside, however, rallies appear to run out of steam around 1.3240/60 so far. “We think sharp rises in Euro Area rates will lead to EUR selling opportunities across currency pairs, especially if those rate rises are induced by bond market volatility”, noted Stephen Gallo, Strategist at BMO.
EUR/USD key levels
At the moment the pair is retreating 0.03% at 1.3196 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).