22 Aug 2013
EUR/USD is the bull rally over?
FXstreet.com (New York) - The EUR/USD foreign exchange rate waivered unevenly Thursday, having digested a tranche of US data after the pair unraveled back to the 1.3300 region during US trading.
In the United States, Initial Jobless Claims came in at 336K, missing expectations of 322K. In addition, Continuing Jobless Claims were reported at 2.999M, relative to a figure of 2.970M previously. Finally, the Market Manufacturing PMI (August) yielded a figure of 53.9, beating a projection of 53.8.
EUR/USD technical levels
In these moments, the EUR/USD has now recovered the mark of 1.3347, bouncing off its earlier lows of 1.3298, and incurring a tepid loss of -0.07% off its opening. Briefing the technicals, the EUR/USD will encounter support at 1.3303, ahead of 1.3269, and 1.3207, notes the Mataf.net analyst team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The break out of Wednesday’s EUR/USD inside day is likely to determine the trend for the next few days. Since it is to the downside and because we see negative divergence on the daily RSI, we believe that another interim top could now be in place at this week’s 1.3453 high. We do not favor such a strong rise, though, and believe that the currency pair has already topped out. Confirmation of this would be a drop through the steep two-month support line at 1.3290 and a fall through Tuesday’s 1.3323 low. Only a drop through the next lower 1.3208/1.3188 support area will mean that a significant top has been made.”
In the United States, Initial Jobless Claims came in at 336K, missing expectations of 322K. In addition, Continuing Jobless Claims were reported at 2.999M, relative to a figure of 2.970M previously. Finally, the Market Manufacturing PMI (August) yielded a figure of 53.9, beating a projection of 53.8.
EUR/USD technical levels
In these moments, the EUR/USD has now recovered the mark of 1.3347, bouncing off its earlier lows of 1.3298, and incurring a tepid loss of -0.07% off its opening. Briefing the technicals, the EUR/USD will encounter support at 1.3303, ahead of 1.3269, and 1.3207, notes the Mataf.net analyst team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The break out of Wednesday’s EUR/USD inside day is likely to determine the trend for the next few days. Since it is to the downside and because we see negative divergence on the daily RSI, we believe that another interim top could now be in place at this week’s 1.3453 high. We do not favor such a strong rise, though, and believe that the currency pair has already topped out. Confirmation of this would be a drop through the steep two-month support line at 1.3290 and a fall through Tuesday’s 1.3323 low. Only a drop through the next lower 1.3208/1.3188 support area will mean that a significant top has been made.”