2 Sep 2013
EUR/USD falls to test 1.3200
FXstreet.com (Córdoba) - After finding resistance at the 1.3225 area, EUR/USD came under mild pressure and retraced intraday gains to trade nearly flat on the day.
EUR/USD showed minimal reaction to upbeat European manufacturing PMIs and pulled back to the 1.3200 mark at the beginning of the American session, where it trades at time of writing, a few pips below its opening price. FX market may enjoy a quiet session as US markets will remain closed due to the Labor Day holiday.
EUR/USD overall bearish tone prevails
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the EUR/USD shows a neutral technical stance but overall bearish sentiment prevails. “Key support continues to be the 1.3170/80 price zone, last month low and 38.2% retracement of the July/August bullish run”, the analyst said.
Bednarik locates next supports at 1.3180, 1.3140 and 1.3100, while she sees resistances at 1.3250, 1.3300 and 1.3345.
EUR/USD showed minimal reaction to upbeat European manufacturing PMIs and pulled back to the 1.3200 mark at the beginning of the American session, where it trades at time of writing, a few pips below its opening price. FX market may enjoy a quiet session as US markets will remain closed due to the Labor Day holiday.
EUR/USD overall bearish tone prevails
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the EUR/USD shows a neutral technical stance but overall bearish sentiment prevails. “Key support continues to be the 1.3170/80 price zone, last month low and 38.2% retracement of the July/August bullish run”, the analyst said.
Bednarik locates next supports at 1.3180, 1.3140 and 1.3100, while she sees resistances at 1.3250, 1.3300 and 1.3345.