31 Jul 2013
EUR/USD reversing some losses
FXstreet.com (London) - EUR/USD is reversing some of the losses taken early on in the NA shift upon data releases.
The afternoon is indeed turning up as one that is going to hold traders at their desks while markets reactions and price movement will be volatile. The EUR/USD has gained back half a big figure while some of the lesser US data has come out in the red against a back drop of a good GDP number annualised for Q2. PCE and Chicago Purchasing Managers Index (Jul) were disappointing 0.3% and down 1.7 respectively to consensuses. The pair is printing over 1.3250 again having printed a low of 1.3212.
EUR/USD failing again
EUR/USD continues to falter at resistance above 1.3300 and has now seen 4 failures here, said Karen Jones Head of FICC Technical Analysis at Commerzbank. “Directly above here lies the 2013 resistance line at 1.3328 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. We continue to favour failure and a slide sub 1.3000.The market stays bid intraday above 1.3165. Below here targets 1.3000 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low”.
The afternoon is indeed turning up as one that is going to hold traders at their desks while markets reactions and price movement will be volatile. The EUR/USD has gained back half a big figure while some of the lesser US data has come out in the red against a back drop of a good GDP number annualised for Q2. PCE and Chicago Purchasing Managers Index (Jul) were disappointing 0.3% and down 1.7 respectively to consensuses. The pair is printing over 1.3250 again having printed a low of 1.3212.
EUR/USD failing again
EUR/USD continues to falter at resistance above 1.3300 and has now seen 4 failures here, said Karen Jones Head of FICC Technical Analysis at Commerzbank. “Directly above here lies the 2013 resistance line at 1.3328 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. We continue to favour failure and a slide sub 1.3000.The market stays bid intraday above 1.3165. Below here targets 1.3000 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low”.