4 Sep 2013
EUR/USD eyes 1.3220 as recovery intensifies
FXstreet.com (Edinburgh) -The bid tone continues to prop up the upside of the shared currency on Wednesday, pushing the EUR/USD to challenge the region around 1.3220.
EUR/USD rebounds sharply
The pair bounced markedly from the area of 1.3170 to print fresh intraday highs in the boundaries of 1.3220 as the USD surrenders recent gains and the sentiment favouring riskier assets is quickly spreading across the markets. “The recent selloff in EUR/USD has stabilized overnight after reaching support provided by the 100-, and 200-day moving averages late yesterday (currently 1.3135/45). Upward EZ PMI revisions added to the recent positive data trend in the region, although all eyes are on the ECB tomorrow. Our bias is for higher yields in aftermath which could help lift EUR/USD, at least on a short term basis. More broadly we remain bearish on the pair however”, suggested S.Osborne and G.Moore, FX Strategists at TD Securities.
EUR/USD support/resistance levels
As of writing the pair is gaining 0.29% at 1.3209 and a surpass of 1.3219 (low Aug.29) would target 1.3237 (high Sep.2) en route to 1.3255 (high Aug.30). On the flip side, the initial support aligns at 1.3157 (low Sep.4) followed by 1.3145 (MA200d) and finally 1.3138 (low Sep.3).
EUR/USD rebounds sharply
The pair bounced markedly from the area of 1.3170 to print fresh intraday highs in the boundaries of 1.3220 as the USD surrenders recent gains and the sentiment favouring riskier assets is quickly spreading across the markets. “The recent selloff in EUR/USD has stabilized overnight after reaching support provided by the 100-, and 200-day moving averages late yesterday (currently 1.3135/45). Upward EZ PMI revisions added to the recent positive data trend in the region, although all eyes are on the ECB tomorrow. Our bias is for higher yields in aftermath which could help lift EUR/USD, at least on a short term basis. More broadly we remain bearish on the pair however”, suggested S.Osborne and G.Moore, FX Strategists at TD Securities.
EUR/USD support/resistance levels
As of writing the pair is gaining 0.29% at 1.3209 and a surpass of 1.3219 (low Aug.29) would target 1.3237 (high Sep.2) en route to 1.3255 (high Aug.30). On the flip side, the initial support aligns at 1.3157 (low Sep.4) followed by 1.3145 (MA200d) and finally 1.3138 (low Sep.3).