29 Jul 2013
EUR/USD cannot shake negativity
FXstreet.com (New York) - The EUR/USD foreign exchange rate remains entrenched in negative territory during US trading, now navigating the 1.3260 region at the time of writing.
EUR/USD event risk
The economic calendar looks fairly thin to start off the week, however this figures to pick up rapidly, starting with German CPI (Tuesday), followed by German Unemployment and EMU CPI (Wednesday), the ECB interest rate decision (Thursday), and finally US payroll data (Friday).
In these moments, the EUR/USD has settled at a -0.21% loss, having now moved to 1.3257. Technically speaking, the EUR/USD remains fortified by supports at 1.3248, 1.3237, and 1.3223, notes the Danske Research Team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD is approaching tougher resistance offered by the 2013 resistance line at 1.3334 and the key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure. We note the 13 count on the 240 minute chart and this offers additional resistance at 1.3325.”
EUR/USD event risk
The economic calendar looks fairly thin to start off the week, however this figures to pick up rapidly, starting with German CPI (Tuesday), followed by German Unemployment and EMU CPI (Wednesday), the ECB interest rate decision (Thursday), and finally US payroll data (Friday).
In these moments, the EUR/USD has settled at a -0.21% loss, having now moved to 1.3257. Technically speaking, the EUR/USD remains fortified by supports at 1.3248, 1.3237, and 1.3223, notes the Danske Research Team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD is approaching tougher resistance offered by the 2013 resistance line at 1.3334 and the key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure. We note the 13 count on the 240 minute chart and this offers additional resistance at 1.3325.”