31 Jul 2013
EUR/USD stopped by 1.3340 resistance…bracing for retracement?
FXstreet (Chicago) – EUR/USD continued to decline after retracing from 1.3344 5-weeks highs on aftermath of FOMC’s remarks.
The Fed maintained interest rates at 0.25% aiming to boost US economic recovery. Earlier today, a positive market sentiment was generated upon release of 1.7% GDP growth for Q2 this year. Market participants reacted and drove the pair to trade below 10-days lows at 1.3210.
Trading at 1.3297 at moment of writing, the pair navigated above supports at 1.3248 (July 23 highs), 1.3274 (July 25 lows) and 1.3285 (July 29 highs) and below resistances at1.3335 (February highs), 1.3309 (June 10 highs) and 1.3361 (June 2 highs). The FXstreet.com trend index reported pair as slightly bullish along a MACD indicator pointing up for one-hour time-frame analysis.
The Fed maintained interest rates at 0.25% aiming to boost US economic recovery. Earlier today, a positive market sentiment was generated upon release of 1.7% GDP growth for Q2 this year. Market participants reacted and drove the pair to trade below 10-days lows at 1.3210.
Trading at 1.3297 at moment of writing, the pair navigated above supports at 1.3248 (July 23 highs), 1.3274 (July 25 lows) and 1.3285 (July 29 highs) and below resistances at1.3335 (February highs), 1.3309 (June 10 highs) and 1.3361 (June 2 highs). The FXstreet.com trend index reported pair as slightly bullish along a MACD indicator pointing up for one-hour time-frame analysis.