13 Sep 2013
EUR/USD, bulls stumble; 1.33 zone compromised
FXstreet.com (Chicago) - EUR/USD stumbled and cracked below the 1.33 zone at the opening of the Asian trading session. The pair could not resist continuous bearish pressure felt throughout the day. Ahead of European and American data released later in the day and Fed’s tapering next week, the ball is on the greenback’s side.
High expectations
Later in Europe, employment change, trade balance results, and construction outputs will be released at 8:30. After a stellar upswing at the opening of yesterday’s session, the pair continues marking lower lows with a steep fall below the 1.33 key zone at the opening of Tokyo. Market participants digested outperforming data in the US with decreasing continuing jobless claims and initial jobless claims and wait for the Fed’s meeting next week that may determine the performance of the greenback for the rest of the year.
EUR/USD Technical Levels
Price action reveals the violation of an upward trendline that started last September after the reversal from 1.31 lows. The pair failed to maintain performance and was held back by a strong 1.3323 resistance (five failed attempts yesterday). Offered at 1.3297, the pair oscillates between supports at 1.3281 (September 10th highs), 1.3254 (September 12th lows) ahead of 1.3230 (September 10th lows) and resistances at 1.33 (August 28th lows), 1.3323 (triple tops, September 12th highs, September 11th highs) followed by 1.3344 (August 28th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe with a neutral EMA20.
High expectations
Later in Europe, employment change, trade balance results, and construction outputs will be released at 8:30. After a stellar upswing at the opening of yesterday’s session, the pair continues marking lower lows with a steep fall below the 1.33 key zone at the opening of Tokyo. Market participants digested outperforming data in the US with decreasing continuing jobless claims and initial jobless claims and wait for the Fed’s meeting next week that may determine the performance of the greenback for the rest of the year.
EUR/USD Technical Levels
Price action reveals the violation of an upward trendline that started last September after the reversal from 1.31 lows. The pair failed to maintain performance and was held back by a strong 1.3323 resistance (five failed attempts yesterday). Offered at 1.3297, the pair oscillates between supports at 1.3281 (September 10th highs), 1.3254 (September 12th lows) ahead of 1.3230 (September 10th lows) and resistances at 1.33 (August 28th lows), 1.3323 (triple tops, September 12th highs, September 11th highs) followed by 1.3344 (August 28th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe with a neutral EMA20.