26 Jul 2013
EUR/USD bounces higher to 1.3270 region
FXstreet.com (New York) - The EUR/USD foreign exchange rate was on the move once again ahead of the US open, paring a portion of its losses and recovering over 10 pips to regain the 1.3270 region Friday.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has eroded the 78.6% Fibonacci retracement at 1.3275. This suggests further gains to the 2013 resistance line at 1.3337 and then the key resistance at 1.3373/1.3417. This is where the 2011-2013 downtrend, the 200 week ma and the June high meet and we look for it to hold the topside and provoke failure.”
In light of the recent recovery, the EUR/USD is presently trading in the area of 1.3273 in these moments, still down an incremental -0.02% off its earlier opening. Supportive means will trigger if the pair retests 1.3255, ahead of 1.3237, and 1.3219, calculates the Danske Research Team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has eroded the 78.6% Fibonacci retracement at 1.3275. This suggests further gains to the 2013 resistance line at 1.3337 and then the key resistance at 1.3373/1.3417. This is where the 2011-2013 downtrend, the 200 week ma and the June high meet and we look for it to hold the topside and provoke failure.”
In light of the recent recovery, the EUR/USD is presently trading in the area of 1.3273 in these moments, still down an incremental -0.02% off its earlier opening. Supportive means will trigger if the pair retests 1.3255, ahead of 1.3237, and 1.3219, calculates the Danske Research Team.