EUR/USD Outlook: Broke Above 1.3232/1.3278 Range
FinFX | Aug 15, 2013 04:02AM ET
The Euro enters near-term consolidative/corrective phase, after finding temporary footstep at 1.3230 zone. The pair broke above 1.3232/1.3278 range and cracked 1.3300, psychological / 50% retracement barrier that signal possible stronger bounce, as hourly indicators turned positive.
However, the prevailing negative tone on 4-hour chart, suggests that upside action may be limited. Upside extension above 1.3316/35 barrier is required to confirm bulls in play and re-expose 1.3399 target. Otherwise, lower top and fresh slide towards 1.3200 support zone would be likely near-term scenario. Larger picture bulls remain intact for now and only break below 1.3180 platform would have more significant impact on the daily structure.
Res: 1.3310; 1.3335; 1.3360; 1.3399
Sup: 1.3278; 1.3252; 1.3232; 1.3200
Source: FinFX Daily Outlook (www.finfx.fi)
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