22 Aug 2013
EUR/USD on its way to 1.3300?
FXstreet.com (Edinburgh) -The bloc currency is accelerating its descent on Thursday despite the better results from PMI prints, pushing the EUR/USD to fresh lows around 1.3300 the figure.
EUR/USD in multi-day lows
After recently hitting 6-month highs just above 1.3450, the pair initiated a steep correction lower which is threatening to put the 1.3300 critical support to the test any time soon. Upbeat data confirming the cyclical recovery in the 17-nation bloc did nothing to curb the prevailing bearishness. Shaun Osborne, FX Strategist at TD Securities, assessed, “We rather feel that EUR/USD is still essentially range bound and that the market is close to the top of the range here. But the EUR is likely to remain supported while spreads remain at current levels (or continue to narrow)”.
EUR/USD levels to watch
The pair is now losing 0.34% at 1.3310 with the next support at the psychological level at 1.3300. On the flip side, a break above 1.3427 (high Aug.21) would aim for 1.3453 (high Aug.20) and finally 1.3456 (high Feb.14).
EUR/USD in multi-day lows
After recently hitting 6-month highs just above 1.3450, the pair initiated a steep correction lower which is threatening to put the 1.3300 critical support to the test any time soon. Upbeat data confirming the cyclical recovery in the 17-nation bloc did nothing to curb the prevailing bearishness. Shaun Osborne, FX Strategist at TD Securities, assessed, “We rather feel that EUR/USD is still essentially range bound and that the market is close to the top of the range here. But the EUR is likely to remain supported while spreads remain at current levels (or continue to narrow)”.
EUR/USD levels to watch
The pair is now losing 0.34% at 1.3310 with the next support at the psychological level at 1.3300. On the flip side, a break above 1.3427 (high Aug.21) would aim for 1.3453 (high Aug.20) and finally 1.3456 (high Feb.14).