5 Sep 2013
EUR/USD attracts bids and moves away from lows
FXstreet.com (London) - EUR/USD is resuming towards the pivot again, as profit taking post a dovish ECB took fold in 1.3130/50 territory.
Week German factory orders are putting a downside risk to tomorrow’s industrial production data, and then a dovish ECB has seen the EUR on the offer, taking the pair to 1.3129 momentarily. The pair now trades 1.3162 at this moment of writing, and markets will now be focused on tomorrow’s jobs numbers from the US.
EUR/USD bearish bias
“Intraday charts are indicating that rallies should be contained by 1.3240/70 for further losses”, said Karen Jones, Chief analyst at Commerzbank, “We look for a slide to 1.3020, 1.2904 (these are the 61.8% and the 78.6% retracements of the move up from July)”. The 20 DMA is 1.3300, the 50 DAM is 1.3199 and the 200 DMA is 1.3147. RSI (14) prints 39.62. Supports are ascending from 1.3051, 1.3130 and 1.3157. Spot is currently 1.3162 while resistances are 1.3187, 1.3192, 1.3218, 1.3237, 1.3261 and 1.3275.
Week German factory orders are putting a downside risk to tomorrow’s industrial production data, and then a dovish ECB has seen the EUR on the offer, taking the pair to 1.3129 momentarily. The pair now trades 1.3162 at this moment of writing, and markets will now be focused on tomorrow’s jobs numbers from the US.
EUR/USD bearish bias
“Intraday charts are indicating that rallies should be contained by 1.3240/70 for further losses”, said Karen Jones, Chief analyst at Commerzbank, “We look for a slide to 1.3020, 1.2904 (these are the 61.8% and the 78.6% retracements of the move up from July)”. The 20 DMA is 1.3300, the 50 DAM is 1.3199 and the 200 DMA is 1.3147. RSI (14) prints 39.62. Supports are ascending from 1.3051, 1.3130 and 1.3157. Spot is currently 1.3162 while resistances are 1.3187, 1.3192, 1.3218, 1.3237, 1.3261 and 1.3275.