9 Aug 2013
EUR/USD ST overbought and just under critical 1.3414 resistance
FXstreet.com (Barcelona) - The EUR/USD enters slow news day Friday with only a little room before key “correction resistance” is tested after stunning 5-week rally.
More of the same upside from the EUR/USD Thursday
No news Friday may allow the EUR/USD bulls to take the cross up for a test of “line in the sand” correction resistance at 1.3414. Given how short-term overbought the EUR/USD is currently, we may see profit-takers depleting some of the recent buying energy we have seen in the cross once the upside target is tested.
Technical outlook for EUR/USD
Technicians point to the 1.3414 resistance as the key level to watch for EUR/USD. Above that, the next level of projected resistance will be 1.3569. Unless 1.3414 is conquered, though, technicians say this is a rally to be sold. Short-term support comes in at the 7/31 peak at 1.3344.
More of the same upside from the EUR/USD Thursday
No news Friday may allow the EUR/USD bulls to take the cross up for a test of “line in the sand” correction resistance at 1.3414. Given how short-term overbought the EUR/USD is currently, we may see profit-takers depleting some of the recent buying energy we have seen in the cross once the upside target is tested.
Technical outlook for EUR/USD
Technicians point to the 1.3414 resistance as the key level to watch for EUR/USD. Above that, the next level of projected resistance will be 1.3569. Unless 1.3414 is conquered, though, technicians say this is a rally to be sold. Short-term support comes in at the 7/31 peak at 1.3344.