EUR/USD Outlook: Euro Regaining Strength
FinFX | Aug 16, 2013 03:57AM ET
The Euro regained strength and rallied strongly from 1.3205, a daily low, where the fall from 1.3300 zone found support. Retracement of over 61.8% of 1.3399/1.3205 corrective pullback, signals an end of corrective phase and shifts focus higher. Positive near-term technicals are supportive for eventual push through near-term targets at 1.3399 and 1.3414, break of which to break above two-weeks congestion and resume broader uptrend from 1.2754, 09/07 low. Also, clearance of 1.3399/1.3414 barrier, to confirm larger picture’s double-bottom, formed by 1.2744/54, Apr/July lows. Extended hourly studies, however, may delay bulls for corrective action, with 1.33 zone offering good support and seen as ideal reversal point.
Res: 1.3360; 1.3399; 1.3414; 1.3433
Sup: 1.3324; 1.3300; 1.3283; 1.3260
FinFX Market Outlook - www.finfx.fi
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.