30 Aug 2013
EUR/USD attempting a rebound to 1.3220
FXstreet.com (Edinburgh) -After dropping to 5-week lows around 1.3170, the EUR/USD picked up pace and regained the 1.3200 handle, advancing to the current 1.3210/15 region.
EUR/USD outlook turning bearish
Today’s deep pullback might prompt investors to re-assess the current stance of the pair, in light of the ongoing Syria-induced risk aversion and the likeliness of the Fed announcing its QE tapering in the upcoming meeting, both events being USD-supportive. Camilla Sutton, Chief Strategist at Scotiabank, argues that the short-term technical are now bearish, adding, “the MACD and DMI firmly in sell territory, the RSI having dropped below 50 and yesterday’s violent spot downside move all suggesting that the bears are in control of EUR. We expect further near-term downside, expecting a test down to the 100-day MA at 1.3134”.
EUR/USD key levels
At the moment the pair is down 0.20% at 1.3114 with the next support at 1.3104 (50% of 1.2755-1.3453). On the upside, the initial resistance lines up at 1.3255 (high Aug.30) followed by1.3298 (low Aug.22) and finally 1.3322 (low Aug.27).
EUR/USD outlook turning bearish
Today’s deep pullback might prompt investors to re-assess the current stance of the pair, in light of the ongoing Syria-induced risk aversion and the likeliness of the Fed announcing its QE tapering in the upcoming meeting, both events being USD-supportive. Camilla Sutton, Chief Strategist at Scotiabank, argues that the short-term technical are now bearish, adding, “the MACD and DMI firmly in sell territory, the RSI having dropped below 50 and yesterday’s violent spot downside move all suggesting that the bears are in control of EUR. We expect further near-term downside, expecting a test down to the 100-day MA at 1.3134”.
EUR/USD key levels
At the moment the pair is down 0.20% at 1.3114 with the next support at 1.3104 (50% of 1.2755-1.3453). On the upside, the initial resistance lines up at 1.3255 (high Aug.30) followed by1.3298 (low Aug.22) and finally 1.3322 (low Aug.27).