EUR/USD Outlook: EUR Maintains Postive Tone Following Wednesday's Rally
FinFX | Sep 20, 2013 04:07AM ET
EUR/USD
The euro maintains a positive tone following Wednesday’s sharp rally, with fresh high being posted on Thursday at 1.3567. The pair trades in near-term consolidative mode and holds above initial support at 1.3500. However, hourly studies losing momentum and indicators on 4-hour chart being in overbought territory. This may signal stronger corrective action at the end of the week, with loss of 1.3500 expected to open next significant levels at 1.3450. Also, a previous peak and 50% of 1.3337/1.3567 rally and 1.3400, former lower platform and near 38.2% retracement of 1.3103/1.3567, where deeper pullback should find ground. On the upside, the next target lies at 1.3600, and a break of which to expose key short-term resistance and yearly high at 1.3710.
Resistance: 1.3567; 1.3600; 1.3658; 1.3710
Support: 1.3500; 1.3479; 1.3450; 1.3425
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