4 Sep 2013
EUR/USD breaks higher, 1.32 on sight
FXstreet.com (Edinburgh) -The single currency is now picking up pace, propelling the EUR/USD to fresh intraday highs in the proximities of 1.3190.
EUR/USD reverting weekly decline
The pair is looking to revert the 2-week negative streak, advancing beyond 1.3180 so far, against the backdrop of increasing resilience in the risk-on space. “A measured move off the recent spike to 1.3450 would imply a deeper slide to test 1.2500… Even if a deeper slide develops, it would still considered to be re-defining a broad 1.25-1.37 trading range. A spike back above 1.3270 is needed to avoid downside pressures”, suggested Tim Riddell, Head of Global Markets Research at ANZ.
EUR/USD levels to watch
At the moment the pair is up 0.09% at 1.3183 with the initial resistance at 1.3197 (high Sep.3) ahead of 1.3219 (low Aug.29) and finally 1.3237 (high Sep.2). On the other hand, a break below 1.3138 (low Sep.3) would aim for 1.3115 (low Jul.22) and then 1.3089 (low Jul.19).
EUR/USD reverting weekly decline
The pair is looking to revert the 2-week negative streak, advancing beyond 1.3180 so far, against the backdrop of increasing resilience in the risk-on space. “A measured move off the recent spike to 1.3450 would imply a deeper slide to test 1.2500… Even if a deeper slide develops, it would still considered to be re-defining a broad 1.25-1.37 trading range. A spike back above 1.3270 is needed to avoid downside pressures”, suggested Tim Riddell, Head of Global Markets Research at ANZ.
EUR/USD levels to watch
At the moment the pair is up 0.09% at 1.3183 with the initial resistance at 1.3197 (high Sep.3) ahead of 1.3219 (low Aug.29) and finally 1.3237 (high Sep.2). On the other hand, a break below 1.3138 (low Sep.3) would aim for 1.3115 (low Jul.22) and then 1.3089 (low Jul.19).