8 Aug 2013
EUR/USD eyes 1.3400 as momentum sharpens
FXstreet.com (Edinburgh) -The bullish momentum in the shared currency pushed the EUR/USD briefly beyond 1.3400 the figure for the first time since late June, opening the door for further upside.
EUR/USD extends the rally
The pair continues its march north benefited by the weakness surrounding the greenback, threatening to reach the key resistance at 1.3417 (June high) any time soon. “Given scope for yet more near term upside surprises in EZ activity and a Fed message that short term rates will remain anchored even if they slow asset purchases EUR/USD appears poised to break through the topside of its six month range”, commented Strategist Richard Franulovich at Westpac.
EUR/USD levels to watch
The pair is now advancing 0.40% at 1.3391 facing the next resistance at 1.3417 (high Jun.19) ahead of 1.3456 (high Feb.14) and then 1.3481 (76.4% of 1.3711-1.2740). On the downside, a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level).
EUR/USD extends the rally
The pair continues its march north benefited by the weakness surrounding the greenback, threatening to reach the key resistance at 1.3417 (June high) any time soon. “Given scope for yet more near term upside surprises in EZ activity and a Fed message that short term rates will remain anchored even if they slow asset purchases EUR/USD appears poised to break through the topside of its six month range”, commented Strategist Richard Franulovich at Westpac.
EUR/USD levels to watch
The pair is now advancing 0.40% at 1.3391 facing the next resistance at 1.3417 (high Jun.19) ahead of 1.3456 (high Feb.14) and then 1.3481 (76.4% of 1.3711-1.2740). On the downside, a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level).